Wanting to DIY accounts

judygarland

I've been looking online for the last couple of hours for a list I can use to help me determine which expenses go where on a set of accounts (the profit and loss sheet).

I'm about to start inputting all of my transactions onto Sage and I want to be sure I enter them correctly.

For instance, if I purchased software, what category would this fall into?

nomunnofun

Phone and fax running costs; postage, stationery, printing and small office equipment costs; computer software.

http://www.hmrc.gov.uk/worksheets/sa103f-notes.pdf page 8

Tixy

What sage package are you using? If you set up sage using the 'general' business template it will give you lots of default codes set up that should help you a great deal.

And these default codes will all fall in to the correct place on the chart of accounts (which is how Sage generates a Profit & Loss report or Balance Sheet report).

Computer Software would usually be on the P&L in the overheads section (although depending on exactly what you have bought occasionally there is an argument to treat it as a fixed asset which would appear on the balance sheet and charge a depreciation to the profit & loss each month).

judygarland

Thanks for the replies. I've got my list of standard nominals which is fine but it's the unusual transactions that I struggling with. Where would I put a software purchase? Which nominal?

Tixy

On my latest version 7552 is Computers & Software. Is yours the same?