Member Since: 3rd Jul 2009
5th Sep 2021
From my days as a cellarman I had to record lost stock in an ullages book together with the reason for the loss. This was a throwback to the days when you collected ullages for return to the brewery who then recovered the duty paid and credited the pub with the returned beer cost. This was good as it automatically adjusted purchases and kept the GP ratio more accurately in the accounts. As for book-keeping entries it very much depends on the amount of information required and for what purposes. If a greater degree of stock control is required then I would be inclined to set up stock records with the object of recording losses through wastage shown by crediting stock (or purchases) with losses and debiting stock losses as an expense and taking it out of the trading account. This will make your percentages more accurate and identify for management purposes the extent of wastages for any attention.
12th Aug 2021
The problem regarding book-keeping software is that in order to sell it to the market the software companies imply that it is easy. I struggle to understand why this is permitted by the advertising regulator. There are countless agencies selling book-keeping courses for the various book-keeping programs and for professionals you can even get certified as one of their specialists. If it was that easy then there would be no need for certification. This would imply that a customer buying add-ons to their software is not skilled enough to know that the add-on may cause problems. Therefore I would have thought that the software companies have a responsibility to advise that help is sought, even if only from one of their certified advisors.
4th Nov 2019
It rather looks to me from the OP and subsequent postings that there is no consideration for services but merely an accumulation of residents monies to meet expenditure and there is no intention to make a profit. This rather suggests that a business is not being carried on and so a registration for VAT is not necessary. This a superficial view and not backed up by any research
8th Oct 2019
I may be wrong but it is my understanding that qualified book-keepers are able to produce a trial balance, at the very least a set of simple financial statements and are able to display a modicum of understanding of those statements. So why the lack of respect for their profession? Accountancy has many disciplines contained within it and most can only be learnt through the the route of a lifetime of study and practical experience. In my career I have come across many experienced and qualified individuals who have dropped howlers, usually whilst under stress to meet deadlines etc. so I would be inclined to suggest less judgement and more understanding and training.
24th Jul 2019
I would be inclined to agree that your treatment is correct. IAS 1 specifically requires the accrual basis of accounting and prohibits offsetting unless permitted by another standard. That would rather suggest that your German HQ must be applying a local standard rather than a UK or International one as another commentator has pointed out. As long as the accounts used in the UK comply with UK requirements then providing Germany with accounts per their requirements is their responsibility not yours. Had a similar problem myself many years ago with the US parent of the company I worked for. They deferred to me on local requirements but I had to meet their SEC requirements.
4th Jul 2019
I personally would be inclined to include it under the prudence convention. Better to disclose all than have it come back and bite later on. Also those reading the report will have in it black and white that there are commitments that will impact future cash flows.
26th Jun 2019
What happened to the HMRC mantra that tax is simple and we can all do it? Although this question and the answers all suggest that the response that you need degree level understanding to actually complete a return suggests HMRC may have got it wrong. Navigating your way around legislation is not for the faint hearted. Just to complicate matters further, the position since 1 April 2017 altered matters with regard to how losses may be set off against future profits.
14th Mar 2019
It needs to be adapted, but I use Trello. Free to start with and can be upgraded. Has the advantage that as cloud based can be used on your smartphone or tablet and enables team management as well as work management. Time deadlines can be added and monitored as needed. Another piece of software that can be used is Drop Task. This one has the advantage that it can email your time dependent tasks on a daily basis so you are alerted to anything critical at the start of the day.
19th Oct 2018
Judging from the recent discussions going on in Tory circles and the Brexit bash I should think the odds on a change in government must be narrowing. Chances are therefore that Hammond will do all he can to avoid rocking the boat in case a general election suddenly appears on the horizon. So I think I will just wait to see what happens. Any changes to IR35 will take time to feed through and there's every possibility that HMRC will have collapsed under the weight of Brexit implementation before anything happens anyway. But seriously, when undergoing my tax training I was advised to never guess at what might happen because for one thing you will more than likely get it wrong. For another our role is to act and advise on what is there, not on what might be there.
26th Sep 2018
I take the inference that size suggests greater resources and a greater likelihood of getting it right but, a word of caution. I can still remember from my training, many many moons ago, where we had to review the accounts of Plcs to find the errors in their published accounts and how frequently we found them. What applies to accounts can also apply to tax etc.