General Chat

im stuck, am doing a course in book keeping , havnt a clue what to do with these, 4 till reciepts ... plus vat... anyone help please,just cannot get my head round it...

Hi I don't know anything yet but looking today at doing a course on it! What course are you doing? Penny

Did a course and gave up culdn't get my head round their double entries so stick to my method and it works

im doing the sage compertised one, but you have to do manual section first, which i knew i was no good at, ive muddled through that section, its with acpd , they have tutors to help and they are good but im really stuck with this and they cant help with the exam. just dont understand the double entry stuff, got A's for the computer section, says can be done in about an hour,,,, they obvioulsy dont know me, 2 weeks isnt going to be enough,,,, its just too expensive to bin it, if i was you i would shop about on line or at college.

Thanks for that insight Jennifer Penny

Jennifer, I do my own vat etc manually. What do you need to know?

Have you got a till receipt inclusive of vat and you are trying to find the the vat value? Lynda x

Jennifer, if you need to find amount of vat on a vat-inclusive invoice multiply by 7 and divide by 47 - told you I was old-fashioned!! How many columns are you using for expenditure - or is this income?

what i have is to enter 4 till reciepts found ,,they have date and amount then plus vat @17.50%, post amounts to the relevant accounts,,, and im well lost on this one,

im presuming these reciepts will be for what the company has spent? it dosnt say.. i dont know if i enter them in the cash account, purchases acount,,, dont even understand if i put the vat in the seperate vat account,

Jennifer 1. Is the ficticious company VAT registered?....Or is it a trick question? If Vat registered then you need to break down the cost of goods and Vat. If not then the total cost (goods and Vat) will be the expense 2. Are the expenses listed by item? Are they legitimate business expenses? If not legitimate then they should be ignored. If legitimate then see answer one :))) Chris

Ok, if company has spent the money, they're purchases and yes you do put the money in the vat account.

Chris is right actually - and the invoices should have a vat reg number as well.

yes its vat registered, just has this c) there are 4 till reciepts one for each week of march, then it gives dates and amounts, then says plus vat. post these amounts to the relevant ledger, thats where im stuck, i dont know if they go in purchases ledger /purchases accounts/cash, im really stuck on working this out, i hate double entry ,,,,

theres no vat reg numbers given. ... do i just enter them in purchases acount. .... see i dont understand the diff between purhcase ledger and purchase account, the purchase ledger only has room for 2 transactions which ive done,.

I'm assuming the 4 are all from same firm. If so then open a ledger entry for the firm. You need to note amount of invoice and then when and how it was paid. If it wasn't paid before end of vat quarter then the vat paid can't be reclaimed until payment is made.

Hi Bookkeeping in my day anyway was just DEBIT and CREDIT in otherwords, what comes in and what goes out. Betty

they are not invoices, just till reciepts, no company names on them. all im given is the date and amount on each reciept plus vat,and to post to relevant accounts/ledgers. at the rate this is going into my head ill be lucky to reach the fail mark...

wish it was still like that betty boo, im not good with this manual stuff, the compertised sage is what im aiming for, just have to do this bit before i can take the exam on that, which i had no trouble with during the course.why they need all these ledgers etc for one transaction ...

Oh right! In that case if paid by cash then enter in cash, if by cheque/debit card then enter in bank column, if by credit card then so, with vat in appropriate column. Just to confuse you further there can be a petty cash column as well and in our case we use a daily cash column as a lot of purchases are paid COD straight from our till.