i have started paying for a bookkeeper this year but want to make sure that the fees are allocated to the correct accounting code. it is not accountancy just the bookkeeping /monthly reconciliation.
we also have partnered with another voluntary organisation to deliver a project and have paid them for their part of the work, how would this be categorised? the payment is for a mix of service/admin and is about half the grant we received.
please can you help with this thanks
Hello @Termeek1
I have started paying for a bookkeeper this year but want to make sure that the fees are allocated to the correct accounting code. it is not accountancy just the bookkeeping /monthly reconciliation.
You should be fine to log it under the below code but ultimately it is your (or your accountants) choice where to posts values to.
7601 Audit and Accountancy Fees
We also have partnered with another voluntary organisation to deliver a project and have paid them for their part of the work, how would this be categorised? the payment is for a mix of service/admin and is about half the grant we received.
Again if you are unsure where to post transactions to you would be best speaking to your accountant for professional tailored advice as we are not registered accountants nor bookkeepers.
I would create a separate nominal code for the bookkeeper such as 7607 …Reports/Chart of Accounts/Create New Account/Enter Specific Code. You could also create an account say 6005 and name it the voluntary organisation name. It will be classed as direct costs. Ideally, when you receive invoices from the bookkeeper, these will be allocated to the 7607 code and 6005 from the voluntary organisation.
Thanks so much, that was really helpful!
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