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Post Info TOPIC: Newbie Bookkeeping Role


Newbie

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Newbie Bookkeeping Role


Hi I have recently qualified as a bookkeeper and I have just started a part time role working with an accountant.

I would like some advice on a sole trader, which I have been given bank statements and expense receipts to work through. I have to enter the bank transactions on to sage, which I am not very familiar with. All the Nominal Codes have been set up for me. The clients sales and purchases are all cash, so no customer or supplier accounts are required.

My question is do I just enter the transactions from thebank statementsin tothe bank account with the proper nominal codesor should I be entering into the individualnominalaccounts also.

I am a bit confused and I am not sure if this is due to the lack of experience or am I over thinking. I will ask the accountant to explain this in more detail, but thought I would try and get some advice on here first.

Corinne



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Corrine



Master Book-keeper

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Posts: 7206
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Hi
We normally ask for a fuller intro than that given, so a bit of extra info would be useful. You say qualified, but with whom? To what level? What did you do before this?

What sage type and version?

How will the sales and purchases be processed? Surely they have some purchase invoices if nothing else? Even if from one supplier? Mind you - you mention expenses receipts so what do they consist of?

What trade is the person conducting?



Edited to correct dreadful typing (was on my mobile!)



-- Edited by Cheshire on Friday 5th of October 2018 05:11:32 PM

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Joanne

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Newbie

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I am qualified to level 3 advanced bookkeeping with AAT and I am using sage 50 v24.
All sales are cash or debit & credit card transactions (no credit customers) and all stock purchase are cash receipts with only invoices or bills being for telephone, electricity, gas etc.
It is a Hairdresser & Nail Bar

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Corrine



Master Book-keeper

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Posts: 7206
Date:

Hi Corrine
Welcome to the forum.

You havent answered all my Qs but hey ho.

Im assuming you didnt do the computerised boookkeeping element of the AAT?

Have to say sage is a wee bit overkill for a hairdressers but Im guessing your Accountant boss isnt too fussed if he has enough licences.

You can access a 'practice module' in sage which is great for playing around - get it via File-->Open-->Open practice data. You can enter one item, eg bank payment and then have a look at the transactions screen or order a nominal report to see how the entry has impacted your double entry/Trial balance etc. You cant do any damage with it.

In real time data - do a backup (or better two/test it works) before you do ANYTHING. Then do them to start with maybe every 20 or 50 transactions. Might sound overkill but that way its easy to unravel if you make a howling mistake.

Do not ever delete an entry in Sage. Never also date something in the prior year/period that has been finalised. If you need to amend something you should be asking the best way to do it so you dont mess up prior bank recs and/or VAT returns.

Can you access the practice day to test it?

Is the client VAT registered? This one is fundamental to how you process the bank entries.

Im surprised this client doesnt have some invoices from the wholesalers, even though they may have been paid in cash. Hairdressing wholesalers tend to issue a full receipted invoice at the point of purchase a little bit like the big cash and carry suppliers do. So even though its not a credit supplier you can still set the supplier up - key the invoice, process the payment to cash. That way the client can see what they have spent at the one supplier versus just their purchases totals. Its useful info.


__________________

Joanne

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.



Master Book-keeper

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Posts: 7206
Date:

What - no reponse?

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Joanne

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

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