year end accounts

[Helen74]

Hi,
I have been doing all the book keeping for a hotel using sage, the accountants have asked me for the figures as at the year end, which is simple enough as sage runs a nominal ledger report detailing all purchases and sales etc. But where I am a confused is where if at all should I include the purchase price of the hotel. I know buildings are normally classed as a long term asset but does that apply to hotels ? and if so how do I account for it on sage ? The purchase price was split over goodwill, fixtures and bricks & mortar. I'm a bit embarrassed about asking the accountants this question as I am sure this something I should know and the answer will probably be an obvious one - just not to me i'm afraid.

Any help would be greatly appreciated.

Many thanks.

 

[weebly_one]

I would put asside any embarassment and just ask the accountants.

Or create codes in the fixed asset range for the purchase - buildings, fixtures and fittings, and one for goodwill and put them in there - but then point them out to the accountant and say you were unsure.

 

[MyAccountantOnline]

Hi,
I have been doing all the book keeping for a hotel using sage, the accountants have asked me for the figures as at the year end, which is simple enough as sage runs a nominal ledger report detailing all purchases and sales etc. But where I am a confused is where if at all should I include the purchase price of the hotel. I know buildings are normally classed as a long term asset but does that apply to hotels ? and if so how do I account for it on sage ? The purchase price was split over goodwill, fixtures and bricks & mortar. I'm a bit embarrassed about asking the accountants this question as I am sure this something I should know and the answer will probably be an obvious one - just not to me i'm afraid.

Any help would be greatly appreciated.

Many thanks.

Hi Helen

Never feel embarrassed to ask questions.

It's much better if clients/bookkeepers ask than try and muddle on - I for one never mind at all when my clients ask any questions.

Generally this would be shown as a fixed asset - goodwill will be an intangible fixed asset and the bricks etc will be a tangible fixed asset. Hope that helps

 

[elaine@cheapaccounting]

Helen

I would ask the accountant to create a journal for this that you can post. He / She should be made aware of the transaction (if they are not already) and they should clarify the NL a/cs to make the postings to.