Bookkeeping query - Sole traders

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After starting my bookkeeping practice 1st July I have gained an account which should turn over 500k pa which should cover a day a week including payroll. I am looking to gain Sole trader accounts such a taxi drivers and smaller retail outlet on a run rate of 50 to 100k pa.

For these type of Sole traders how much daily detail on the sales side is required.

Not finished my AAT as yet so sorry if the question is a bit basic.

Edward Jackson

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13th Aug 2008 11:28

set up your records carefully before you start.
amount of detailed required really depends on your client and what it is they sell, service or product. How are you processing their accounts if its with something like sage then no additional detail is required if you are using excel then you need to ensure that all relevant information is included on your spreadsheet. All the obvious stuff like date amount details etc, is your client VAT registered if they are i would highly suggest you use sage or similar as doing it manually can be tricky. Who is responsible for credit control this is the sort of issue that holes in your records highlights, is your client going to expect you to be able to supply him/her with this info is so ur records need to be to able to accomplish this. My advice in summary is to think carefully before you start as to what u need to accomplish and taylor your records accordingly. I would highly recomment the sage bookkeepers club, this is where you purchase sage accounts with i think its 25 companies, this then includes telephone support plus loads of extras and its cheap. I am AAT qualified and currently studying ACCA and i have a bookkeeping business, i find every bookkeeper is different and tend to do things their own way, you'll develope what suits u best.

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