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HiAccontant have forwarded some general journals to be input onto system. Just checking I have the correct procedure. I am making a general journal entry dr the said account cr the said account as at the accounts year end date ie 31.07.20. Is this correct?
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QB's seems to have started doing this and made a right mess of my outstanding balances
My business owes me money, i have taken some of this money and recorded the payments into retained earnings account. A director loan account has been set up by my accountant on her quickbooks software and the money owed is recorded there, she will merge her records with mine soon. I started doing my own book keeping the start of this year so I don't have the account with the money owed to me on my quick books. My question is how do i record the payments i have taken, until my accountant can merge our records. Is the money owed to me an expense and as such should it appear on my profit and loss statement? Because at the moment it is not appearing, so my profit appears higher.
I have just taken on a new client who has traded for 18 months as a Private Limited Company by guarantee without share capital, they are a Trust company managing a new estate so there income is rental management fees restricted and restricted and unrestricted grants. They have not done any accounts as yet but need to do the first 18 months soon. I have been asked to set them up on QB's but they are changing to a Charity as at the new accounting year.The problem I have is if I set QB's up as a Ltd company will I then be able to change the status to a Charity and it have the correct chart of accounts? Or will I need to do the first 18 months as a separate company on QB's before transferring the opening balances to the Charity? As they are working as a Trust at the moment the account set up would be the same with the Restricted and unrestricted equity accounts on the B/S as a charity so would it be best to set it up as a non-profit company from day one.Thanks
