Sage - Help help help

[julieanne4]

Hi Everyone

My husband runs his own courier company, we went vat registered in November and purchased Sage instants to assist us in our Vat etc (I used to log all the income and expenses on an excel spreadsheet)

I seem to have sussed the invoice out and in bits but am struggling on nominal codes and what Vat rates are for each thing - Ive even looked on hmrc and cant get my head round some of it. Can anyone tell me where I can get a simple list of zero/stand/redcued rate items and also a list of what comes under certain nominal codes (i.e - are storage boxes furniture and fittings or stationery)

Thanks in advance

Julie

 

[Fernhurst Solutions Ltd]

Hiya Julie

There is no reason why you still can't use a spreadsheet even though you are VAT registered ... just need to add a couple of extra columns so that you have a GROSS, NET and VAT column for both your sales invoices and supplier invoices ... not sure if that helps or not.

If I can be of any further assistance, feel free to PM me

 

[DuaneJackson]

Hi Julie,

Looks like you have two questions there. Which nominal codes to use and What VAT rates to apply.

If you post a list of items you're not sure on then I'm sure the accountants hre will be able to help.

As for the nominal codes, you should be able to create your own codes for things you don't think fall into an existing code.

 

[julieanne4]

I did think about still using the spreadsheet but thought it we be much easier with sage - Plus we can obtain reports and do vat returns quite easily. So I have Jan - Oct on s/sheet and Nov & Dec on Sage

 

[julieanne4]

Thanks - I will look to issue new nominal codes but didnt know if you were supposed to - I dont want to just go making new things up if they should fall into an existing category..

Just finding it all a bit confusing at the moment

 

[Fernhurst Solutions Ltd]

If you are doing the Accounts, VAT and Self Assessment Tax Return yourself then it is better to go with the system you feel most comfortable with ... As for the list in relation to the zero / standard / exempt items, I'm not sure there is one - it would be endless if it was to cover every possible eventuality.

Do you mean stationery that comes under code 7504, or do you mean things were there isn't an obvious NC?

 

[julieanne4]

I have most stationery items on 7504, however Ihave brought storage boxes for both packaging some goods to deliver and for storing our accounts in them - So do I put them under packaging or stationery or doesnt it really matter??

I also have congestion charge, tolls and parking - I have put them under misc motor expenses or should they be under travellingg...god - my questins could go on and on.

 

[Mattonella Tile Studio]

When I first started on Sage I got really hungup about which nominal codes to use for which items. Then I thought 'does it really matter'. As long as an item is categorised in a way that makes sense to you reading your accounts then that's all it's really there for. With things that are important (i.e. balance sheet or P&L items) best to check with your accountant.

 

[Chris Ashdown]

Basically it sounds like he will need a accountant at year end, to do his financialy year end figures and finalise his p&L and Balance sheet

So why not contact an accountant now, to spend a couple of hours of his assistant comming around and checking what you are doing now. the better you are setup now the cheaper his bill will be at the end of the year as the information will be arranged as he likes it

 

[julieanne4]

Hiya

We do already have an accountant but we do the majority of the inputting of the invoice, payments, etc. Unfortunately his accountant is not the most helpful

 

[Chris Ashdown]

You are in business, you cannot pay for bad service, simple get out yellow pages and ring up another