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COA & Correct Nominal for Tennant Bond Return

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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Jay1
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COA & Correct Nominal for Tennant Bond Return

Post by Jay1 » 30 Jan 2013, 09:14

Hi
I am currently setting up Sage for a Lettings/Estate Agents which will be used solely for their own business transactions as all activities with regards to repairs inc any VAT and landlord rent is operated within another package outside of sage.
The only problem I have is they do have a Current Account and a Deposit Account whereby when Bonds are returned to tennants they have to transfer this amount over from the Deposit Account to Current Account and then send a cheque out to the tennant - so it is usually a straight forward in and out with no VAT - so how do I account correctly to

. Create a nominal to deal with the debit side of the Bank transaction When the cheque is sent to Tennant.- what would be the best nominal code to use.

.create COA that does not reflect the monies held in the Deposit Account (for tennants Bond) and the monies relating to the nominal for the (tennants bond returns), as these are nothing to do with the business trading P&L or Assests of the business.

Any help greatly appreciated

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brucedenney
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Re: COA & Correct Nominal for Tennant Bond Return

Post by brucedenney » 31 Jan 2013, 14:56

The tenants deposits would be a liability account in the balance sheet.

I suggest a number such as 2110 - Tenants deposits held would be fine.

I am not sure about the legal niceties of tenants deposits, I would expect them to have to be protected and held in a separate bank account.

When deposits are receive they will be bank receipts to 2210
When deposits are refunded they will be bank payments from 2210

I would maintain a list of all the deposits held and I would reconcile that to the balance in account 2210 each accounting period.
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