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Nominal Codes

Bookkeeping and Management Accounting help does not have to be specific to the use of Sage 50
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bizzylizzie66
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Nominal Codes

Post by bizzylizzie66 » 03 Mar 2018, 15:35

Sage Line 50. Maintenance Subscription for a block of flats with no Management Company just the owners of the flats. I do the accounts. What Nominal Code to use for the Maintenance Subscription which is used to pay for repairs and gardener and cleaner and items required to replace. We do not earn any income and do not trade. Bizzylizzie66

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brucedenney
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Re: Nominal Codes

Post by brucedenney » 03 Mar 2018, 16:26

4000
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bizzylizzie66
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Re: Nominal Codes

Post by bizzylizzie66 » 03 Mar 2018, 16:30

Thanks but I thought 4000 would be Income and the Maintenance subscription is not Income just money kept on behalf of the residents to pay for all repairs, renewals and items like gardening and cleaning. Income would be subject surely to Corp Tax but it is not income. Would appreciate your thoughts. Thanks

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brucedenney
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Re: Nominal Codes

Post by brucedenney » 03 Mar 2018, 16:39

If you are non profit and all you do is the repairs then the subscription is your income and there is no tax.
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bizzylizzie66
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Re: Nominal Codes

Post by bizzylizzie66 » 03 Mar 2018, 17:37

Many thanks

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Cancelling out VAT Liability

Post by bizzylizzie66 » 03 Mar 2018, 22:17

I have made an error and posted an invoice using T1 but we are not VAT registered and it should have been T9. However I cancelled it out in Maintenance but somehow cancelled out the wrong one and it will not let me cancel it out as it says it has already been deleted but it still shows the liability on the Financial reports. How can I cancel this out now. It shows as VAT liability but we do not have a liability as it is an error as we are not VAT registered. Bring back manual book keeping.

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brucedenney
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Re: Nominal Codes

Post by brucedenney » 06 Mar 2018, 10:09

Check the transaction numbers.

Look for them in nominal and in transaction history.

Therein you will find the cause and the solution.
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