corbypete started this topic @ 17:21 on 16/03/2005
Ok im stuck again, or rather not stuck but cant contemplate the headache or time it would take to do my accounts.
listen up, say i sell 100 items today, do i have to log each one in my spreadsheet when processing every one? or can i just get on with running my business and then add them to my accounts at a later point? i can see myself making 25p profit but spending 15 minutes listing sales records etc. and balancing the booksl live
i see corner shops every day just creating simple sales reciepts that they then take home, is that not easier?
how do you lot do it when someone buys something from you, how do you go about keeping on top of your accounts for the tax man?
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E-Nexus.co.uk
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RE: Accounting - again, keeping simple records
James Smith | 16/03/2005 05:55 PM
Pete,
If you have lots and lots of items sold every day that are paid for already (ie you are a shop or etailer) you need only complete a "sales day book" entry in your accounts.
What this means is that you can total up all your sales for the day or week and just enter that figure. What the tax man wants to see is total income backed up with a path back to your detailed records (which might be a till roll or a list of paypal transactions).
I know its a shameless plug but my ebook on my website (which is also available on ebay, £1 last time I looked - item number 6951177538) goes into this sort of thing in a lot more detail and will be a help in keeping proper records.
Regards,
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James Smith
Chartered Accountant
www.jamesesmith.co.uk
01235 536 773
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Your indispensable guide to Small Business Bookkeeping, Self-Assessment & VAT
RE: RE: Accounting - again, keeping simple records
corbypete | 17/03/2005 09:02 AM
Thanks James, you hav helped me in the past so I have no problem taking a look at your e-book, its probably exactly what I need as i love the entrepreneurial side, but the accounting just seems to slow me down.
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E-Nexus.co.uk
This is only the beginning...
