VT Cashbook Help Please

[carl.robertson]

Hi All,

I am just wondering the best way to do this.

I need to enter my opening balance from bank a bank statement that has personal and business transactions on it what is the best way to do this ? also how do I enter any money that I have invested in my business as I obviously have paid everything up front and dont have an overdraft or any sort of loan I am a sole trader.

Thanks for the help

Carl

 

[MyAccountantOnline]

Hi All,

I am just wondering the best way to do this.

I need to enter my opening balance from bank a bank statement that has personal and business transactions on it what is the best way to do this ? also how do I enter any money that I have invested in my business as I obviously have paid everything up front and dont have an overdraft or any sort of loan I am a sole trader.

Thanks for the help

Carl

Hi Carl

With regard to the bank balance if this is the account you are now using for the business just enter the total balance at the date you start. Dont try and split the balance.

I would recommend you keep and use a seperate account for your business transactions and another for private use. It will save you time keeping your records and saves the tax man having access to all of your personal transactions.

With regard to monies you have 'put into the business' this is capital introduced - just keep a list of this for your accountant.

 

[carl.robertson]

thanks for the reply nicola.

Does this mean I have to enter all personal Transactions too on my accounts to make everything balance with the bank statement or is it just business transactions that need to be entered ?

It was a personal account that I was using but have since got another account from my bank to make it easier.

Many thanks

Carl

 

[nmprobinson]

Yes. To make the account reconcile you will need to enter all the in's and out's. You can then perform a monthly reconciliation with your bank account statement. This is a fairly easy task and VT makes it pain free!

If you have lots or personal transactions going through perhaps consider having a seperate account for business only.

 

[MyAccountantOnline]

Hi Carl

Yes I agree with Nick - its one of the reasons I suggested using a seperate account for business transactions. It will save you a lot of time

 

[carl.robertson]

Thanks for the replies I am now using a seperate account now I have a seperate account to use

It was just i onlyu had one account at the time and didnt realise the complications it could make on doing my accounts

Many thanks for the replies

Carl