Sage - Consolidated payment with different N/C's

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Hi All,<BR><BR>When purchasing property our Solicitor's request a single bank transfer of funds for the total amount of the property cost and their conveyancing fees.<BR><BR>So I have a single debit from my current account part of which goes to purchase an asset and must be given an appropriate N/C, but for which I never receive an invoice, and the other part is for payment against a supplier invoice. <BR><BR>I'm not sure how to enter this in Sage.... any ideas?<BR><BR>Thanks,<BR><BR>Andy.<BR><BR>

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Sage - Consolidated payment with different N/C's

Hi Andy !<BR><BR>to enter this, I would go to Bank, Payments, then enter the purchase of the asset under the appropriate nominal account and the sollicitor fees whenever you company books them (legal expenses ?). Did I get you right: you did not receive an invoice for the purchase of the asset ? Might be worth asking for one... Eventually you will have to take care of the depreciation of this asset ;-) but well at my job we do that once a year so you might (or not) have plenty of time.<BR><BR>Hope it helped !<BR>Cheers<BR>

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Sage - Consolidated payment with different N/C's

Hi Andy,<BR><BR>From what i can see you have two main options and it may depend on what you are most comfortable with. <BR><BR>If historically all supplier invoices are booked onto Sage in the creditors control, i would stick to this. Post the solicitors invoice as normal. Then post two bank entries, a bank payment for the property purchase and a supplier payment for the solicitors fees. As long as they have the same reference and can be identified in reconciliation this shouldn't be a problem.<BR><BR>Alternatively I would post one payment to property purchase. <BR><BR>As the solicitors fees are an incidental cost of the purchase of the property it is reasonable to include them in the purchase price (they would be disallowable for income/corporation tax but allowable in capital gain comps on disposal). You will need to reclaim any VAT on the solictors fees in the normal way.<BR><BR>As regards to the lack of invoice, it may well be the case you receive a completion statement which will show the total money paid and splitting it over the solictors fees, property purchase, stamp duty (if any) etc. This will be your source documentation and sufficient if any authorities need to review the figures.<BR><BR>Hope this helps<BR>Ben

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Sage - Consolidated payment with different N/C's

Hi,<BR><BR>Thanks for the help, I used the bank payment to enter the purchase of the property under a N/C for an asset, and posted the supplier invoice as normal. <BR><BR>Andy.