Best way to keep S/E accounts records?

DFWJane

I need to keep basic S/E accounts. Mainly for a party plan business where I will have money in, money out for stock, mileage, sundries etc. I doubt I will turnover enough for VAT!
I don't want to spend a fortune on an accounts package or indeed an accountant and would rather keep a written accounts book that I can then draw the info from for my tax return but I'm getting in a muddle as to what to get. It all looks too complicated for my simple entries.

fengirl_2

You need to get a basic cash book, ruled with enough columns to allow yu to analyse all your expenditure. You can use the front section of the book for income - head the columns with date, description, paying in slip number and amount. Use the back section for expenditure, making columns for date, description, cheque number, total and then allocate the expenses under headings for purchases, travel, prizes, wrappings, statonery, etc - whatever you need to create a meaningful set of accounts at the end of the year. Add all your columns at the end of each month and then take the totals across to a page where you can enter each month's totals, giving an annual total after 12 mths. Make sure you bank all cash and withdraw any cash needed for petty cash.

DFWJane

fengirl wrote: »

You need to get a basic cash book, ruled with enough columns to allow yu to analyse all your expenditure. You can use the front section of the book for income - head the columns with date, description, paying in slip number and amount. Use the back section for expenditure, making columns for date, description, cheque number, total and then allocate the expenses under headings for purchases, travel, prizes, wrappings, statonery, etc - whatever you need to create a meaningful set of accounts at the end of the year. Add all your columns at the end of each month and then take the totals across to a page where you can enter each month's totals, giving an annual total after 12 mths. Make sure you bank all cash and withdraw any cash needed for petty cash.

Thank you. Is there a particular book you'd recommend? I know Collins do a variety.

fengirl_2

A book with columns is a book with columns - they are all the same. You can even rule culumns into a plain lined book.

DFWJane

fengirl wrote: »

A book with columns is a book with columns - they are all the same. You can even rule culumns into a plain lined book.

Very, true. I'll stop trying to complicate things for myself and not waste money on a book which will be too advanced for my needs and go find a ruler!

Horace

I use an accounting pad - I just write across the columns that I don't use. I have pages for income and for expenditure..I seem to be doing the right thing as my accountant hasnt said otherwise.

Remember though that an accountant can save you money (before you ask, no I am not an accountant I am a wedding/corporate event planner).

Savvy_Sue

fengirl wrote: »

You need to get a basic cash book, ruled with enough columns to allow yu to analyse all your expenditure. You can use the front section of the book for income - head the columns with date, description, paying in slip number and amount. Use the back section for expenditure, making columns for date, description, cheque number, total and then allocate the expenses under headings for purchases, travel, prizes, wrappings, statonery, etc - whatever you need to create a meaningful set of accounts at the end of the year. Add all your columns at the end of each month and then take the totals across to a page where you can enter each month's totals, giving an annual total after 12 mths. Make sure you bank all cash and withdraw any cash needed for petty cash.

See, now I'd do this in Excel, giving me the option to check my maths without resorting to a calculator, and to change the headings I use if I didn't get it right first time.

I used to have an example of one I did for an out of school club. I'm not sure I can still find it (several computers down the line!) but I do have something vaguely similar at work, let me know if that would be useful and send me a PM with your email address.

m_13

I use Microsoft Accounting Express (http://www.msofficeaccounting.co.uk). It's only available to download until 16th November 2009 but another company are taking over the support.

I use it for my Mystery Shopping income and expenditure and have 'stock' items for mileage, printing etc.

If you want to manage actual stock numbers (ie input the amounts you have in stock and do stock counts) then you'll need to pay for it but the basic version is free. If you do want to use professional features - there's a chart on the website showing what is professional and what is included in the express free version - then you are better buying the professional version from scratch as the 2008 version is only £60 on eBay.

I do has some book keeping experience but found it really easy to setup and it prints out lovely accounts