Just to introduce myself!

[u.maddock]

Hallo Everyone,

My name is Eunice Maddock and at the moment, do not have a business.

What I am doing, in preparation of my Son starting his business, is trying to learn about double entry book-keeping (from a book) so that I will be able to hlp him and earn a few bob as well!

I look forward to being part of this forum.

Warm regards

Eunice

 

[gary]

Hi Eunice

Welcome to the forums! Hope your book-keeping studies are going well! It may be worth your while having a chat with Business Link as they do courses on book-keeping which I'm sure will be useful.

Gary

 

[u.maddock]

Hallo Gary,

Thanks for your 'Welcome' message and I may well take up your suggestion about, Business Link.

Do you know if the prices are reasonable and will they be listed as 'Business Link' or do they come under an umbrella organisation?

I really do need help with this 'double entry' system!!!!

Eunice

 

[gary]

Hi Eunice

If you're just starting out, many of the courses are free. You can find your nearest Business Link at http://www.businesslink.gov.uk

Gary

 

[Ozzy]

Hi Eunice,
Urgh I had book keeping and accounts and all that horrible stuff. Give me the pretty exciting and fun parts of running a business any day - he he.

Best of luck with yoru sons business though. What is it he is doing?

Merry Christmas and a Happy New Year

 

[u.maddock]

Hallo Gary,

Thanks for your welcomed info - I'm now going in to have a look at this site.

Eunice

 

[FocusZenith]

Hi Eunice

Welcome to the forum!

You could also give your local Inland Revenue business office a call. The one in Nottingham runs free training courses on different finance subjects like sorting out Sick Pay, PAYE, etc. If you try your local one they may offer something similar.

Laurance

 

[Alpha]

Welcome to the Forums Eunice.

I should have read your intro before your question :roll:

I certainly at this moment wouldnt worry about Hire Purchase (not heard it called that for a while). Sounds like an old book.

Might be better to find a book with better explanations.

If you are doing manual bok keeping you will not have to worry about double entry.

Just depends on whether you are simply going to do this for your sons business or if you are going to make a business out of being a book keeper.

I would honestly advise against the latter for a while.

 

[10Yetis]

Eunice,

Hi and welcome.

Hope all goes well with your book-keeping and your sons business (should that be the other way round?).

 

[gj]

Hi Eunice

Have just posted a reply to your posting under accounts and finance before reading this.

I am not at all sure that learning double entry bookkeeping is particularly desirable or necessary as it happens! As Alan says, if you maintain manual records you do not need to worry about double entry - in its simplest form the records just need to reflect the payments and receipts and a profit & loss account would be prepared at the year end (with no balance sheet). Otherwise an accountant will pull together the double entry from the manual records.

If you use a computerised accounts package - and I would suggest you should if you are trying to do more than a simple payment and receipts system as outlined above, you don't really need to understand much about double entry, and I would learn only those areas that you need it for - HP is one of those areas but the question in your book is making it unnecessarily complicated.

I would suggest that you and your son go to see an accountant who can advise on the appropriate record keeping system for your son's business and your experience/knowledge. Many accounatnts will be able to cover this briefly in an initial first consultation - usually free.

Going to BusinessLink would also be good, but the account managers generally lack the specialist knowledge to get you going properly on bookkeeping systems. Also some of the courses they run on bookkeeping can be a bit too theoretical and are generalised. What I think you need is some advice on the right system (could be manual) for you/your son and then specific advice on how you maintain those records.

Hope that helps

Regards


Graham

 

[u.maddock]

Hallo,

I would like to thank everyone - Gary; Alan; Andy; Graham and Richard, for their welcome messages and the very valid advice I have received.

I will be looking into all the suggestions and hopefully, will come out the other end, a wiser and more informed woman!

Once again 'Thanks'.

Eunice