Urgent nominal code help..

[Nicely]

I have to put all payment to the system from bank statement. I am using sage line 50. I am confusing abour nominal codes. I need a nominal code for sundries and incidentals. both of them are payment. Another thing is I got one internet banking transfer payment to other account for Tax Retainer. my accountant make a note on the bank statement and she said "show the date paid and post this to a seperate account "hmrc revenue&customs"" and i am realy confusing with this note. What can i do?

 

[Carsie]

Hi Nicely,

It's not very clear what you're asking; I think you're under a bit of pressure?

If I'm correct, you're posting entries from the bank statement onto the accounts system Sage L50 and you don't know where to post sundries and incidentals?

You should have a n/c for them and also an invoice to post against. If you don't have an invoice then when you post to the n/c you'll be posting a payment on account which you will then reconcile when you post the purchase invoice.

With regards to the HMRC payment you need to post the payment to the HMRC liability account, I forget which n/c because I use so many different a/c systems.

When you're under a bit of pressure it is easy to get a bit tied up in knots isn't it? Just take a small break, stand back and think to yourself "what am I trying to record? Forget about all of the fancy accounting terms, just say " I'm paying the HMRC out of my bank and recording it in the HMRC book/ledger" then think about your accounts.

Sage has a very good help function which you should use, this forum under Accounts/Finance has loads of help and loads of friendly people and finally never be afraid to ask your boss to show you again and again and again- that's why they're the boss

 

[Carsie]

Footnote - I've just seen that you've got all of your answers in the Finance Section