Reply to: Keeping Books

[ladymuck]

Hi,
I've started doing the same thing, but apparently Sage Instant does not deal with Flat Rate VAT - are you on the FRS for VAT?

Yes, I am. I keep a spreadsheet that calculates what I need to enter into Boxes 1 and 6 on my VAT return and then just enter a manual journal before finalising the accounts for that period. I've read in the Sage knowledgebase that there is a way of doing it but it's long winded and my way is easier!

With regards to all the other comments - I keep my own records because I'm too tight to pay an account when I can do the work myself! As Lewis mentioned, accountants can and do make mistakes and if I keep my own records then I can make sure everything is correct before it all gets finalised.

[Burrow01]

Blimey! I do the whole lot myself using Sage Instant Accounts, including payroll and dividends. I produce accounts to TB and then just scan in my bank statements and mail a pdf of those and my TB over to SJD for them to sort out my corp tax and final accounts. It takes about an hour a month. I can't believe how little responsibility you guys take over your finances! Truly shocking!

Hi,
I've started doing the same thing, but apparently Sage Instant does not deal with Flat Rate VAT - are you on the FRS for VAT?

[Mustang]

I am pretty sure you have a legal requirement to keep records

You do!

However, sub-contracting out to someone is not absolving you of your legal requirements!!

HTH

[Lewis]

Why would you do this yourself? The accountant will do all of this for you. Just tell them how much dividend you want to take and that's it.

I am pretty sure you have a legal requirement to keep records, at a minimum a cash book (ins and outs). Yes your account can do it for you but if your accountant doesn't have spreadsheets/software that you can access during the year then I personally would keep my own records. You might want to leave that accountant for example. Plus its good to double check their figures as accountants can make mistakes too and ultimately it is you and not them who is responsible for the figures. It's just about how closely you want to be involved with things ....

[vhadiant]

Blimey! I do the whole lot myself using Sage Instant Accounts, including payroll and dividends.

Why would you do this yourself? The accountant will do all of this for you. Just tell them how much dividend you want to take and that's it.

[Gonzo]

Blimey! I do the whole lot myself using Sage Instant Accounts, including payroll and dividends. I produce accounts to TB and then just scan in my bank statements and mail a pdf of those and my TB over to SJD for them to sort out my corp tax and final accounts. It takes about an hour a month. I can't believe how little responsibility you guys take over your finances! Truly shocking!

I pay the accountant to do all that. Money well spent in my opinion.

[ladymuck]

Blimey! I do the whole lot myself using Sage Instant Accounts, including payroll and dividends. I produce accounts to TB and then just scan in my bank statements and mail a pdf of those and my TB over to SJD for them to sort out my corp tax and final accounts. It takes about an hour a month. I can't believe how little responsibility you guys take over your finances! Truly shocking!

[Cooperinliverp00l]

My accountant gave me three speadsheets

Millage - detailing date, From and To address, number of miles and cost of journey.

Payments - detailing date, amount and what it was then the columns are split into logical groups e.g motor, VAT, HMRC, myself for salary

Sales - detailing date, invoice number and amount.

THis is all they need to do the books. Takes me about 10 mins a week to update so that suits me.

[Peter Loew]

Yes it is.

I use SJD who provide an excellent Excel template for bookkeeping. It is available for anyone to download free from their site.

Thanks, that's exactly the kind of thing I was looking for.

[Lewis]

Don't you think it's responsible to keep such records yourself too?

I thought it was a legal requirement!

[Xenophon]

Don't you think it's responsible to keep such records yourself too?

Yes it is.

I use SJD who provide an excellent Excel template for bookkeeping. It is available for anyone to download free from their site.

[Peter Loew]

OK, so I take it the only records you guys keep are of any incurred expenses.

But I prefer to keep full records of any outgoings including dividends, salary and expenses, because if my accountant were to get run over by a bus, I would be stuffed. Don't you think it's responsible to keep such records yourself too?

[Bright Spark]

my accountant does all this for me, what's the point of using an
accountant if you end up doing all the work yourself!

This also leaves me more time to focus on learning and improving
my core skills to get the next contract.

[thunderlizard]

Doesn't your accountant have one? Mine does. It means I just shove all the receipts, bank statements etc. in a big box, then empty the box and fill in th spreadsheet every quarter.

[MrRobin]

I just print out the pages fro the relevant month from my internet banking portal and send along with receipts for anything that has come out that month... I assume my accountant keeps spreadsheets etc for me!