Computerised Accounts Setup
New Accounts File
Ok, so you’ve decided to either start or re-start your computerised accounts file. We can help you, make sure you have the right setup for your nominal codes/chart of accounts so that it all makes sense when you come to hand it over to your accountant at the year end. If not setup correctly, your chart of accounts can lead to many headaches, and even to the accountant starting from scratch once more.
Your system should split codes up into the following areas:
Balance Sheet Items:
Assets (Fixed + Current)
Liabilities (Current + Long Term)
Capital Employed (How your business is financed)
Profit & Loss Items:
Cost of Sales
It is important to understand the difference between all of these things, and that each transaction has an equal and opposite reaction (double entry).
Once you get started, it’s best to keep on top of it all, set aside some time each week to input your data. The key to any book-keeping exercise are accuracy and timeliness, after all, Garbage In – Garbage Out!
Contact us now to arrange a time that best suits you to discuss any questions you might have about our services