SageForum for UK versions of Sage 50- Help and support.

Hi,
I hope you can help me.

I'm a complete Sage newbee and have been using Line 50 Financial Controller Version 2007 for a few months now. I think I am moving along without any major hiccups

Our company (builders/property development) has recently bought 4 pieces of land & I've run into trouble posting these purchases on Sage.

The deposits on the land were paid by the owner of the company from his own funds before the company was formed. I assume that I need to somehow show these deposits paid as Shareholders capital or similar??

I also need to enter Stamp duty, the bank charge for the draft costs, VAT, some interest and some legal costs. And also the actual land cost.

I hope somebody can help me with the best way to post these transactions.

Best regards,
Nunky.

First you need to know how this "investment" by the owner is being treated.

Is it shares, or a loan?

I would guess a loan and the company will pay it back.


This becomes a simple journal in Sage. Directors loan account to Land Acquisition.

Then assuming the stamp duty VAT etc was paid by the director. Do a bank receipt into a spare/petty cash bank account or a real bank account if you want from the director for the total amount, then do multiple bank payments to balance the transfer (if you did it in a real bank account, do a bank rec and match off these "dummy" transactions)

You could do all the little bits as journals as well, but the vatable nature makes it a bit tricky, doing bank payments is much more friendly.