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Building Work

Sage 50 general help forum - Free help and support for all general issues
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Geordie613
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Building Work

Post by Geordie613 » 29 Feb 2016, 12:49

I'm surprised I couldn't find anything on the net about this. Maybe it's just me being thick.

I have a bill for building work which is capital work, i.e. demolition and building an extension. The items on the invoice are Demolitions, external works and prelims. I can't work out how to enter it. It's not repairs and renewals (or is it?) but it's not buying a fixed asset. None of the standard nominal codes seem to match. Is it an overhead or a direct expense? My thinking is repairs are overheads. This is work on a fixed asset, so it's probably a direct expense. And I probably need to set up a new nominal code but I'm not sure exactly how to do it. What's the debit and what's the credit?

Just as an aside, the nice thing about being a self employed/freelance bookkeeper, is you get experience in many different trades and using different software. I've worked for a few different companies over the past two years, but this is the first time this particular situation has come up.
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Re: Building Work

Post by Geordie613 » 01 Mar 2016, 12:23

Just thinking more about this...

Is it 6000 Productive labour or possibly 6001 Cost of Sales labour? The thinking is, that it is work that enables further sales i.e. renting out a property.

Anyone out there?
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brucedenney
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Re: Building Work

Post by brucedenney » 01 Mar 2016, 12:45

Well.... it depends...

If it is part of a refurbishment that is adding capital value... or it is a repair... or ... you need to seek the advice of a qualified accountant as there are tax implications.
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Re: Building Work

Post by Geordie613 » 01 Mar 2016, 12:53

It is part of a refurbishment that is adding capital value
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brucedenney
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Re: Building Work

Post by brucedenney » 01 Mar 2016, 17:42

As I said this requires a qualified answer from a qualified professional.
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