Google Chart of Accounts. Plenty of templates. If you are using a proprietary system such as Sage they provide excellent recommended Chart of Accounts.
The fact that the person running the accounts is not qualified is not valid. I once audited a major pharmaceutical company whose FD was one of the most talented accountants I ever met. He was not qualified. I have also met some qualified I would not trust to post ledgers. It is all down to the individual.
As a boring "old timer" I believe that the best method is to be consistent and tell the truth. The vehicles are primarily for the business so should be charged to the business. If your client needs to massage his figures to obtain a mortgage can he afford to service said mortgage if interest rates climb?
This is the same as deferred income and should be accounted for in the same way. I would brief the recipients of your management accounts as to why you recommend changing the management accounting methodology. Or prepare a bridge indicating how the two sets will differ.At year end I would hope that your auditors would insist in the change in treatment or would refuse to sign off the accounts as being true and fair
I have been an Hon treasurer for a Charity a Golf Club and a Community Sports Centre, which is also a registered charity..
Yes it is a right royal pain but the satisfaction, especially from helping a charity, is excellent. Make sure there are adequate accounting records and controls in place (I liked the receipt book suggestion), make sure that, if required, all submission have been filed and enjoy the role.
One piece of advice though don't do it for more than say three or four years. With the charity I did ten years and as previously mentioned when you try to resign the guilt card is played. Explain that change is good as it brings a fresh look at the way things are done.
My answers
For Numberwang. Ahh all is clear now. If someone does not even understand what entertaining is the problem is, in my opinion, the person.
Google Chart of Accounts. Plenty of templates. If you are using a proprietary system such as Sage they provide excellent recommended Chart of Accounts.
The fact that the person running the accounts is not qualified is not valid. I once audited a major pharmaceutical company whose FD was one of the most talented accountants I ever met. He was not qualified. I have also met some qualified I would not trust to post ledgers. It is all down to the individual.
How about Actor?
As has previously been said depends upon size and type of company. We have a de-minimus rule of £300. Cleaner (sorry for the pun) than capitalizing.
As a boring "old timer" I believe that the best method is to be consistent and tell the truth. The vehicles are primarily for the business so should be charged to the business. If your client needs to massage his figures to obtain a mortgage can he afford to service said mortgage if interest rates climb?
Subscription Income recognition
This is the same as deferred income and should be accounted for in the same way. I would brief the recipients of your management accounts as to why you recommend changing the management accounting methodology. Or prepare a bridge indicating how the two sets will differ.At year end I would hope that your auditors would insist in the change in treatment or would refuse to sign off the accounts as being true and fair
FX
Apologies to Tom 123 should have written said not sad
FX
Be consistent. If you use the BOE rate or the FT rate or HMRC stay with that source. As Tom 123 sad keep a copy of your source for Audit etc.
Treasurer
First ever post!
I have been an Hon treasurer for a Charity a Golf Club and a Community Sports Centre, which is also a registered charity..
Yes it is a right royal pain but the satisfaction, especially from helping a charity, is excellent. Make sure there are adequate accounting records and controls in place (I liked the receipt book suggestion), make sure that, if required, all submission have been filed and enjoy the role.
One piece of advice though don't do it for more than say three or four years. With the charity I did ten years and as previously mentioned when you try to resign the guilt card is played. Explain that change is good as it brings a fresh look at the way things are done.