Sage Instant Accounts V15 - Corporation Tax

I would appreciate somd advice for Sage IA.

I have completed a years trading (ltd company), and now had the files back from the accountant.

I need to add the corporation tax payment (now paid) in to the accounts, and also a nominal sum the accountant included for "working from home".

In all other ways my p&l report matches the accountants.

I never actually ran the year end - not sure if this makes it easier or not?

Comments
scalloway's picture

You need journal entries

scalloway | | Permalink

You need to create a creditor code for Corporation Tax and do a journal dated at your year end for the amount of Corporation Tax. Use this creditor code when you pay the tax.

Similarly create a code in overheads and do a journal for the working at home costs and credit director's loan.

Take a back up then change the system date to your year end date and run you Year End

 

 

 

 

Thanks for your reply,

Clive_P | | Permalink

Thanks for your reply,

I understand now regarding the directors loan, and the working from home....I thought this should be deducted from 3200..

Sage have a nominal  2320 (corporation tax) in IA V15, can I use this one as the creditor code?

 

 

 

scalloway's picture

2320 is Ok

scalloway | | Permalink

It is in the creditors section of the Chart of Accounts.

Thanks,

Clive_P | | Permalink

Thanks,

I'll take a look at the accountants figure for the DLA - I guess he will have made the appropriate adjustments, 

Would I still be able to do the above, if I had already run the year end?

scalloway's picture

If you have run the Year End

scalloway | | Permalink

Then the opposite entries will go direct to Profit and Loss in the Balance Sheet.

 

Clive_P | | Permalink

 

Thanks I appreciate your patience, the accountant had altered the DLA accordingly.

When I do the journal for Corporation Tax, and credit 2320, which nominal do I debit, is this from P&L 3200, or do i need to create another nominal (or use an existing one)?

scalloway's picture

Just use 3200

scalloway | | Permalink

.

Thats great, all works fine,

Clive_P | | Permalink

Thats great, all works fine, and after running a year end the figure in 3200 is almost identical to the accountants.

I also noticed that the accountant had used £100 from the DLA and created "share capital" of £100 (this is our first year)

This seems to work ok if I use nominal 3001 on a journal entry - the share capital appears on the balance sheet, and the DLA now matches the accountant.

Thanks for you help - I have made good progress tonight!

Regards

Clive

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