Would this not be a standard exercise to perform at year end - particularly for a company?
different for small sole traders where only an income statement is produced (in many cases no serparate bank account) but for a company I'd have thought a bank reconcilation would be a "must do".
"I was not speaking for myself. In the absence of other responses yet, I was meaning to say that we ladies discuss these things and everyone I know and have known, will tip their hairdresser. It is just one of them conventions. Sorry was just trying to be helpful."
Not sure why but had always assumed Bungo was a man!!!
DR Bank, CR Accruals - showing the money received as a liability to the company/firm as if the service/goods aren't carried out/delivered - the money received would be due back to the cusomer.
Obviously when the work (or whatever it is is done) and the sales invoiced rasied, match off the invoice against the accrual.
Another thing to perhaps be wary of is VAT - just watch tax points etc.
Are the employees aware they have to keep receipts/invoices?
Is there some sort of agreement between employee and the company when the card is made abvailable? Agreements I have seen in the past are very detailed and can even restrict the type of purchase made (for example, only travel related costs). Any agreement should also discuss what do do in the event on non -compliance.
Perhaps consider contacting the bank for a slightly different type of card........ In my previous job i was given a company card, but the money came out of MY bank account, not the companies.
The only way to get this money back, was to complete the proper expenses procedure which of course includes receipts/invoices.
Its amazing how much more careful people will be when it is their own money.
Not sure if these type of cards are still available, but worth a look.
My answers
Bank reconciliation
Would this not be a standard exercise to perform at year end - particularly for a company?
different for small sole traders where only an income statement is produced (in many cases no serparate bank account) but for a company I'd have thought a bank reconcilation would be a "must do".
Am I wrong?
Well I never......
"I was not speaking for myself. In the absence of other responses yet, I was meaning to say that we ladies discuss these things and everyone I know and have known, will tip their hairdresser. It is just one of them conventions. Sorry was just trying to be helpful."
Not sure why but had always assumed Bungo was a man!!!
Yes
DR Bank, CR Accruals - showing the money received as a liability to the company/firm as if the service/goods aren't carried out/delivered - the money received would be due back to the cusomer.
Obviously when the work (or whatever it is is done) and the sales invoiced rasied, match off the invoice against the accrual.
Another thing to perhaps be wary of is VAT - just watch tax points etc.
Just use an accrual code
It's been a while since i used Sage - not sure if there is a deferred revenue nominal in the standard COA.
You could always just use an accruals code or something similar 2***. Any "other liability" code really.
This is assuming I've read the question correctly and we are talking deferred revenue (money received from a customer in advance)
Harsh, but............
Perhaps on the harsh side.......
Are the employees aware they have to keep receipts/invoices?
Is there some sort of agreement between employee and the company when the card is made abvailable? Agreements I have seen in the past are very detailed and can even restrict the type of purchase made (for example, only travel related costs). Any agreement should also discuss what do do in the event on non -compliance.
Perhaps consider contacting the bank for a slightly different type of card........ In my previous job i was given a company card, but the money came out of MY bank account, not the companies.
The only way to get this money back, was to complete the proper expenses procedure which of course includes receipts/invoices.
Its amazing how much more careful people will be when it is their own money.
Not sure if these type of cards are still available, but worth a look.
PS if that doesnt work................
Shoot them
Depends!
So many things to weigh up here, most of which I am afraid only you can decide.
A couple of things I would consider are as follows:-
1. Where you want to be in 5/10 years
2. What parts of accounting/audit do you actually enjoy
3. Promotion potential in both current industry role and practice (I believe the senior manager level at big 4 can be a tough slog, long, long hours)
4. Can you survive taking a 40% cut? Mortgage? Children?
5. What exactly is the big 4 "dream" you are chasing?
6. Any friends/contacts at PWC/big 4 to offer advice on what the job actually entails?
7. Will PWC be paying towards some sort of professional qualification?
Very difficult to advise without knowing YOUR situation - hopefully the above has given you some things to think about/consider.
Good luck
yes
As far as I am aware, there is no requirement to pay via DD.
People much better......
People much better qualified to answer than me, BUT........
I thninl you are right that no one (not even HMRC) would be bothered by this.
I wouldnt even mention it and crack on as you were
Someone may well come up with a darn good reason not to just crack on but I wouldnt do anything.
A note in the any other information box on the tax return maybe? Just to highlight it??
good effort
Totally agree with Anne Robinson - good effort OP :)
I also used Tolleys and found them brillaint!
Great study packs, lots of practice questions and answers, web forums, video tutorials all really well structured.
Massive thumbs up for Tolleys.