FA schedule

[skefford]

Hi,

I'm about to put in existing Fixed Assets on the schedule. Guidance suggests we should list all individual FAs. We often purchase new equipment and therefore not enough space is available to record all these - what should i do? shall I group items together?

Also, in the HP finance bit, we have 6 different finance companies involved who have supplied monies for different investments (equipment for our garage). This obviously again exceeds the space available - what should I do?

Thanks in advance
Claire

[Dunn2011]

Hi Claire,

We do recommend that you separate your fixed assets, but if they are small value purchase's and similar items you could group these together, as long as you had a log just incase HMRC asked the question.
If they are of higher value, I would definitely suggest you separate these out.

With regards to the HP, not sure how familiar with Excel you are... on this spreadsheet it should be ok for you to add the lines you require (by right clicking on the number tab) when you have the lines you need, you will need to copy the formula's - drag the formula from I8 down the new lines, then again from J8 down, and lastly K8 down.

Let me know how you get on, and if you need further help, email me on support@diyaccounting.co.uk

Regards

Louise

[skefford]

Thanks Louise - will give it a go tonight.

[skefford]

another Q (unrelated)

just doing 11-12 accounts and noticed ive included 1st-4th April 11. Should purchase, sales, bank records go from 6th April 2011 to up 5th of April. If so do I put the first 5 days on the end of the March records??

Sorry for the basic questions this is the 1st year i am doing it alone

Thanks

[skefford]

Me again, can you clarify what columns i need to enter information into on the bank record as your guidance states:

Bank account Enter the regular monthly payment to the finance company as follows:
Bank Account Column X - Enter Code Letter LCR for this item then,
Bank Account Column AG Manually change the total amount to the capital element shown in Column J of the Fixed Assets > HPfinance schedule
Bank Account Column AE Manually Enter the amount of monthly interest cost shown in Column K of the Fixed Assets > HPfinance schedule
This entry reduces the Long Term Creditor and charges the profit and loss account with interest paid.

I have net wages in X and do not have AG & AE columns...
any suggestions?

Thanks again

[antonycc]

>> Should purchase, sales, bank records go from 6th April 2011 to up 5th of April. If so do I put the first 5 days on the end of the March records??

You should match your accounting period.

If you have a Company with a 31st March Year end and a bank statement that goes to the 5th April, transactions would be placed at the beginning of next years April sheet.

For a business run on a Self Employed basis you would be more likely to be following the financial year and in the case the first few days of April would be included at the end of the March sheets.

>> I have net wages in X and do not have AG & AE columns...

In the Company Account's package the Current Account file has:

Column X: "Amounts Paid by invoice number"
Column AG: "Long Term Creditor"
Column AE: "Interest Paid"

Thanks,

Antony.

[skefford]

Thank you. I will run all records to March records to the 5th April.

with regards to Bank record, i don't see to have the same file.....the bank record I have only seems to go up to column AC?? do I have an old copy?

[antonycc]

Which package do you have?

[skefford]

self employed with payroll 2011-1012

[antonycc]

Ah... the guide must have a section copied in from the Company accounts package. The columns in the Self Employed Bank sheet are;

Column T: "Amounts Paid by invoice number"
Column J: "Interest Paid"

There is no equivalent of the "Long Term Creditor" as the Business it's self isn't a separate legal entity that can own things or owe money. You the proprietor is repaying the debt but the business considers the interest an expense.

Thanks,

Antony.