book keeping help !!
sharon@acumenretail.co.uk
Registered Posts: 2 New contributor 🐸
I have agreed to do some book keeping on an foc basis to refresh my book keeping skills. it is for a small sole trader. I haven't done any book keeping in ten years and was looking for a little reminder:-
are purchase invoices entered into the books as they arrive or only as and when they are paid? any templates on excel would be gratefully received.
on a technical note is the tax paid by the sole trade entered as a drawings or sundries item?
many thanks
sharon
are purchase invoices entered into the books as they arrive or only as and when they are paid? any templates on excel would be gratefully received.
on a technical note is the tax paid by the sole trade entered as a drawings or sundries item?
many thanks
sharon
0
Comments
-
Purchase invoices depend on the setup he is using, is he VAT registered?, does he run a purchase ledger etc?
Tax paid (assuming you mean his self assesment PAYE & class 4) is drawings.
Hope that helps0 -
Hi,
I think you must use the accruals basis which explains that income and expenses should recognise as they incurred not when they actually received or paid.
if it is a VAT registered business. the structure should be
purchases with net amount VAT Gross Amount
i hope it would help you
Regards
Suleman0 -
Hi,
I think you must use the accruals basis which explains that income and expenses should recognise as they incurred not when they actually received or paid.
if it is a VAT registered business. the structure should be
purchases with net amount VAT Gross Amount
i hope it would help you
Regards
Suleman0 -
If VAT is not involved, then I would do everything on the accruals basis.
Claudia0
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