sage and bank accounts


R

repo

put this in the sage forum also, but as yet no reply. using line 50

just started my own business, trying to get to grips with a real accounts
package. previously was using some excel worksheets.

with regard to bank accounts and how they are set up.

i have my business account set up in sage, but have also used my personal
credit card, my wife's card and my personal bank account to make various
purchases over time. i'd like to know the best way to record this. do i have
to make new bank accounts for each of these debts? or is there another way
of recording this expenditure.


regards
 
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R

Rob Meade

...
i have my business account set up in sage, but have also used my personal
credit card, my wife's card and my personal bank account to make various
purchases over time. i'd like to know the best way to record this. do i have
to make new bank accounts for each of these debts? or is there another way
of recording this expenditure.
I do a very similar thing (albeit not with quite so many peoples credit
cards :D)...

I use the 'Company Credit Card' account within Sage, anything that I pay for
with 'any' of my person account cards goes through there. There are
probably some good reasons why it might be useful to have multiple accounts
setup, but if you are not planning on recording 'every' transaction that
goes onto those cards I cant really think of a good one...

I should add I also have a 'Directors Loan Account' nominal code setup, I
usually clear the company credit card by entering a journal entry crediting
the DLA and debiting the CCC, then when I take the monies from the business
I do journal entries to clear the DLA etc.

Hope this helps.

Regards

Rob
 
R

repo

thanks rob...

i know what you mean about the amount of accounts, but hey when needs must
:)
 
R

Rob Meade

...
thanks rob...
np

i know what you mean about the amount of accounts, but hey when needs must
hehe - indeed! :)

Good luck with your new venture by the way...

Regards

Rob
 
D

Dave

put this in the sage forum also, but as yet no reply. using line 50

just started my own business, trying to get to grips with a real accounts
package. previously was using some excel worksheets.

with regard to bank accounts and how they are set up.

i have my business account set up in sage, but have also used my personal
credit card, my wife's card and my personal bank account to make various
purchases over time. i'd like to know the best way to record this. do i have
to make new bank accounts for each of these debts? or is there another way
of recording this expenditure.


regards
Yes.

Set a bank account up called "director's payments" or summat.
Fill it up from the Director's loan account every now and again.

oh, and http://www.sageforum.co.uk is much more qualified to help you.

Cheers,
Dave
--

----- + ----- + -----
The internet is too big to fit in your recycle bin
Do you REALLY want to delete it?
----- + ----- + -----
 
R

repo

thanks.

i am now registered on that forum, but it does seem somewhat slow
 
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R

Rob Meade

...
oh, and http://www.sageforum.co.uk is much more qualified to help you.
Cheers for the link Dave, I will also register, be nice to get some Sage
help without having to pay for a training course, manual, updated software -
blah blah blah :eek:)

Thanks again!

Rob
 
K

Keith

repo said:
put this in the sage forum also, but as yet no reply. using line 50

just started my own business, trying to get to grips with a real accounts
package. previously was using some excel worksheets.

with regard to bank accounts and how they are set up.

i have my business account set up in sage, but have also used my personal
credit card, my wife's card and my personal bank account to make various
purchases over time. i'd like to know the best way to record this. do i have
to make new bank accounts for each of these debts? or is there another way
of recording this expenditure.
As they are monies owed (to you, your wife or to your personal bank)
they should go in your Balance Sheet under Current Liabilities.

With Sage this automatically happens when a 'bank account' goes
overdrawn. It swaps itself between Current Assets and Current
Liabilities.

If 1200 is your default <company> bank account, set the others up in the
same nominal 'group' (1201,1202,1203 etc.) or, if you have default bank
accounts in addition to 1200, merely rename them.

When you repay the 'loan' merely carry out a transfer from 1200 to the
appropriate bank nominal.
 
R

repo

thanks keith

Keith said:
As they are monies owed (to you, your wife or to your personal bank)
they should go in your Balance Sheet under Current Liabilities.

With Sage this automatically happens when a 'bank account' goes
overdrawn. It swaps itself between Current Assets and Current
Liabilities.

If 1200 is your default <company> bank account, set the others up in the
same nominal 'group' (1201,1202,1203 etc.) or, if you have default bank
accounts in addition to 1200, merely rename them.

When you repay the 'loan' merely carry out a transfer from 1200 to the
appropriate bank nominal.
 
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B

Basement Studios Limited

Repo,

Please email (e-mail address removed) with any queries regarding Line50
and we shall try and answer the questions!

Cheers


Rob
BSL Grouo
 
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