Book-Keeping & Accounting for Small Business, 7th edition by Peter Taylor

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By Peter Taylor

Debts are only as vital as the other element of a enterprise, and will be the most important to its prosperity or even survival. In "doing the books" you can be on the very center of the enterprise, along with your arms at the controls. you'll be excited about the administration of its resources and liabilities, its charges and its revenue margins. The extra regulate you will have over those, and the files and figurework on which they're dependent, the higher it is possible for you to to regulate your personal company.

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Extra resources for Book-Keeping & Accounting for Small Business, 7th edition

Example text

File the expense vouchers on your paid purchase invoice file to match the payment that the business has made by cheque. HANDLING INVOICES So far we have dealt with receiving and paying out money for your business. But of course you will need to know how much to pay for your purchases and others will need to know how much to pay you. This is where invoices come in. An invoice is a simple document listing the goods or services provided and stating how much is due to the supplier. Your business will receive invoices for its purchases and you in turn will have to issue invoices to your customers for sales you make to them.

Unless you are using one of theretail schemes(see pages 45 and you will need to keep a separate record of your sales so that the VAT output tax can be calculated. An example of this is shown in Figure 7. Once again, until your business outgrows the system, an exercise book should do to record the transactions: there is no need for any expensive specialised book. Enter the details into it from your copy invoices on a regular basis. Points to note: Use a reference number. You should also record it on the copy invoice, and it will help you identify each particular invoice.

G. your name) written beside it. When you receive money for sales in cash (notes, coins) it's good practice to bank it intact without keeping any back to pay other bills. If you hold some back your records become far more complicated and there is the danger that part of the transaction will not be recorded, with complications and expense later on. Each month check out the amounts received and paid against your statements (see below) and add them up (see Figure 2). Then record the difference between your receipts and payments.

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