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where to start.......

  • Fellow PM.Dip
  • Practice Licence
  • 43 posts
  • # 79533

Hi
For many years I have been an employed bookkeeper for a Ltd company - and all my books were reconciled, ordered etc etc.

Now I am going self employed and starting with a sole trader.  Where do you start with work that is basically a box of reciepts?  No nice neat orderly opening balances, bank statements etc (well not yet).

I plan to use VT Transaction.  

I have started sorting the recipets by month, and then I could summarise each month into the costs.  But from prev working with everything in order (nice P&L, BS etc) - is a bit of a change! 

I know the theory (well I think i do - I passed the exams!) - but its different to apply in practice to sole traders - and to stop yourself wanting everything to be perfect!

Any tips or advice welcome!


Thanks!    
  • Fellow PM.Dip
  • 37 posts
  • # 79777

penguinsaid:

“Hi
For many years I have been an employed bookkeeper for a Ltd company - and all my books were reconciled, ordered etc etc.

Now I am going self employed and starting with a sole trader.  Where do you start with work that is basically a box of reciepts?  No nice neat orderly opening balances, bank statements etc (well not yet).

I plan to use VT Transaction.  

I have started sorting the recipets by month, and then I could summarise each month into the costs.  But from prev working with everything in order (nice P&L, BS etc) - is a bit of a change! 

I know the theory (well I think i do - I passed the exams!) - but its different to apply in practice to sole traders - and to stop yourself wanting everything to be perfect!

Any tips or advice welcome!


Thanks!    ”
I beleive its always best to use best practice regardless of the business you are dealing with. Obviously there is no legal requirement for the books to maintained as stringently as companies but ensuring that the double entry concept is used and all the normal reports produced P&L and Balnce sheet with bank reconciliation you can not go far wrong. Tax returns ect are far more easier to complete if a FULL set of accounts is produced.
There is nothing wrong with wanting it to be perfect. I always want EVERYTHING to be perfect and I aim to be as thourough as posible in recording all the transactions. That way I know that the accounts produced are accurate and actuly make sense.
I hope this helps  
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