getting started with an accounting software package

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snowch

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Sep 15, 2008
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  • #1
    Hi Forum,

    I have a LTD company with very basic accounting needs. I would like to start using an accounting package (openerp.com) to manage my accounts. I can't affort an accountant to set up the package.

    I'm thinking that if I use the out of the box settings for the Chart of accounts for the uk, that should meet most of my needs. I'm also of the frame of mind that I should just start using the system to record my transactions. If I've get things wrong, an accountant will be make corrections when submitting VAT returns and end of year accounts as long as I have a record of all transactions?

    Hopefully over time as I grasp the accounting rules, my mistakes will become less (I have studied and passed some ACCA basic modules F1 and F3, so I'm not completely clueless about accounts, but I don't yet have the confidence).

    Is this approach acceptable?

    Many thanks in advance,

    Chris
     
    C

    CassioAcc

    Free Member
    Mar 17, 2008
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    Hertfordshire
  • #2
    Hi Chris

    An accountant will be able to work from your records at the year end / VAT periods and make the appropriate adjustments, but it would make more sense to use an accounting package your accountant supports.

    If your bookeeping knowledge is not 100% you may make mistakes that will take time for the accountant to resolve (and charge for).

    The out of the box chart of accounts will be fine to start with and should only need small changes (which your accountant wont charge for)
     
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    P

    profitxchange

  • #3
    The main thing is to get your starting points correct, that gives you a reference point from which to rersolve any possible mistakes. Are you a cash or credit business? If credit make sure you set up your sales ledger so you can monitor customer payments.
     
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    DuaneJackson

    DuaneJackson

    Free Member
    Jul 14, 2005
    8,641
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    Brighton / London
  • #4
    snowch said:
    I'm also of the frame of mind that I should just start using the system to record my transactions. If I've get things wrong, an accountant will be make corrections when submitting VAT returns and end of year accounts as long as I have a record of all transactions?
    Click to expand...

    Hi Chris,

    I don't know anything about openERP. But yes, that's the case with most software. Although if yuve got a lot wrong then it could be costly to get it all corrected.

    Might be best to try to get advice are the outset.

    I'm not sure why you'd want an accountant to submit your VAT return for you (and presumaby charge you for it).

    It can be done yourself with 2 clicks of a mouse in our software, and I assume in others too.
     
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    S

    snowch

    Free Member
    Sep 15, 2008
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    0
  • #5
    Hi DuaneJackson,

    I only need help with my first VAT return at the end of Nov and I'm due to see an accountant around then to discuss my personal tax anyway. I will probably try to do it first myself thought using the VAT telephone helpline.

    Many thanks,

    Chris
     
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