Problem with opening new nominal code.

[Nicely]

Good morning everyone, I hope someone can help me.I am using sage line 50.

On the bank statement, here is a money transfer between 2 bank account with ref: Tax retainer. (the transfer is made for putting money aside to pay my tax bill.)
I need to open new nominal code for HMRC. Because my accountant want to see this transaction in the nominal ledger. But if I open new nominal code for hmrc and post this transaction how can I deal with bank reconcilation? Also which nominal code I have to open for this? (which range?)

What is the most accurate way to accomplish this?

 

[Robert Pearce]

Isn't this just the same issue that you posted about a few days ago?

http://www.ukbusinessforums.co.uk/forums/showthread.php?t=222741

You've just made a transfer between two of your bank accounts (Credit: Bank account 1, Debit: Bank Account 2). You can't post the transfer to another nominal code as one of your bank reconciliations won't then work.

 

[Scalloway]

Dr Drawings
Cr Tax Retainer

Then use the Tax Retainer code when you pay the tax

 

[Scalloway]

Apologies for a being a bit brief above. To expand on the answers above:

You need to record the bank transaction as a transfer between banks to make your reconciliations agree. Then do the journal above to make the tax retained appear in the balance sheet.

http://www.ukbusinessforums.co.uk/forums/showthread.php?t=215673

 

[Nicely]

Thanks Scalloway. I am understand now. Can I open new nominal code under liabilities 2211 for tax retainer?

 

[Scalloway]

Yes 2211 would appropriate

 

[Nicely]

Thanks ...