[quote="Oliver_murphy"]Hoping someone can help out here.
I am starting a new company, and I am funding it privatly,
where do I put the start up capitol, how is it funded, drawn against, and ultimatly paid back.
Only using Instant Accounts V.10, so nothing should be so hard.
Also, how do I get it to do the VAT? I bought something, told it that the VAT was 17.5%, but when I did a test VAT return, it didnt show up? Any ideas?
I hate to say this but asking these questions suggests to me that if you try to use that program (or any similar) you are going to end up with problems. No matter what the advertising blurb says, you really should have an understanding of double entry book keeping procedures if you intend relying on it to look after your finances. The VAT for the entry for the purchase will show up if it has been processed properly and the program initially set up correctly. This program is excellent but only if you understand what you are doing.
Oliver, start your company the way you intend it to work. If you have no idea about book work, as you clearly don't, then dont do it. Get a book keeper to do it....Look at it like this....In your new company you may want to pay yourself Â£30.00 per hour on paper. Every day you mess about with books and learning to keep them it will take you at least 2 hours per day doing something you are absolutely useless at. The new company, even if you do not actually pay yourself, is wasting Â£60.00 per day or Â£300.00 per week. A book keeper for a sart up busimess will charge you about Â£40 per MONTH !
If you spend your time doing what you are good at, you will make money, if you spend it doing stuff you are no good at, you will lose money and go under in the first year just like over 65% of small businesses in this country. Are you going to do your own legal work, or mechanics, or start your own newspaper for adverrtising? Probably not, so why on earth waste really good money trying to do books? Madness lies that way.
Last edited by thedoctor on Sat Mar 08, 2008 5:45 pm, edited 1 time in total.
Oliver - the good doctor is right, but if you're strapped for cash like many startups even Â£40 a month may be a stretch. Sage is a good, reliable bookkeeping package although it does require a basic understanding of double entry bookkeeping. The old adage rubbish in, rubbish out applies particularly well to programs like Sage.
I'm happy to point you in the right direction on the detailed Sage postings and bookkeeping generally if you would like to email me you can find contact details for our Shepton Mallet office in the Accounts for builders project in the web sites project section. You probably don't want to publish details of your personal finances on a public forum!
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