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GP PRACTICE ACCOUNTS

arfeenarfeen Just JoinedRegistered Posts: 12
Hi Everyone,

GP Practice receive income from NHS under GLOBAL PAYMENT. NHS pay net amount after deduction of some amount. Can anyone tell me the accounting entry in SAGE LINE 50 that how to record in Sage Line 50 with the whole transaction or what would be the double entry for this transaction?

Thanks

Comments

  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,441
    I have not dealt with GP practice accounts but from an old practice I worked for know it is a specialist area and they pretty much had all the local GP practices because fo this.

    My thought would be you need to treat the net amount received as income and then a journal crediting income and debiting the appropriate account to account for the deductions. If you have not dealt with GP practices before then I would probably decline to act as it is a specialist area.

    regards,
    Regards,

    Burg
    arfeen
  • arfeenarfeen Just Joined Registered Posts: 12
    Hi Burg,
    Thanks for your comment.

    if you someone who worked in this area please ask him to comment on this. I need to get over this as I am committed to do their accounts in an proper way. I am also looking a guidance through all means available.

    Thanks
  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,441
    I'm afraid I am no longer in contact with anyone form that practice. You could try asking on www.accountingweb.co.uk
    Regards,

    Burg
  • burgburg Experienced Mentor GloucesterModerator, FMAAT, AAT Licensed Accountant Posts: 1,441
    I'm afraid I am no longer in contact with anyone form that practice. You could try asking on www.accountingweb.co.uk
    Regards,

    Burg
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