Hi, First post on here and have searched for answer but to no avail. Can anyone help me please? Just starting to use Sage Instant accounts and for example I issue an invoice for £120 inc vat. No problems getting the invoice into Sage but when i get paid in cash for the invoice and say I only pay £80 into the bank account I have to do something with the other £40. Quite possibly it could go on £20 petrol, £2.80 for a sandwich and the rest into my wallet? Where do i post the £40 items please?
I guess this will be an easy answer for most of you!
Thanks for the swift reply. The vehicle would be the company van usually or could be my private vehicle occasionally. I guess usually or occasionally doesnt come into it really.
I sometimes get paid in cash by customers. What I tend to do is to credit the Cash Account with the full amount which deals with the VAT element (I run on the Cash Accounting scheme). If need be I then pay the cash into the bank so debiting the cash account and crediting the bank account. If the bank does not need the cash then it is left in the cash account and used for cash business expenses and my own personal use. At the end of the year, if there is a fair amount left in the cash account on paper I transfer most to the Drawings account and leave a small amount to carry forward to the next year. What you don't want to end up with is a negative balance on the cash account.
My bank charges me a percentage for paying cash into the business account so I prefer to keep it "under the bed" rather than paying them for the privilage of counting it!
Thanks for that Martyn. I dont think I have my COA set up properly. I use an industry standard application that has Sage Instant Accounts as its backend. For some reason I have very few NC's. I've been using Sage just to record Sales Invoices and Receipts since Sept. Now I realise I actually want to use Sage properly and put all the financials on record. Do you know with Sage IA whether you can keep all your financial data but replace your current COA with a more general and extensive COA? Doing all the NC's individually WILL take ages! I havent looked into this yet so will get on the case now!
Sage IA should have most if not all the N/C you will need i think the best way for you to go is to do a Journal to transfer the balances that you have on your standard application to the right N/C in sage i would not recommend adding to the COA unless you know what you are doing have a good read up on that part
Martyn
-- Edited by nautica on Sunday 6th of February 2011 12:54:25 PM
