I have taken over as treasurer for a company limited by guarantee. We are a non-profit, non-charitable membership organisation and for Companies House purposes we are a micro-entity. We have income from membership fees and occasional grants. Our expenditure in recent years has been limited to IT (domain and website hosting), meeting rooms, Companies House confirmation statement, a subscription to another organisation, accountancy, and printing. Any grants have been used for training, professional advice and fees.
Looking at the existing account codes, and supplier categories, it looks as if this software just won’t be partucularly helpful for us.
Should I persevere?
Hello @SianR
The chart of accounts and account codes are determined by the company type, looking at the the account linked to your email, you have chosen Limited Company.
The type of company you select would determine the nominal structure you are given.
You would select:
- Sole Trader or Partnership if no corporation tax is paid
- Limited Company If corporation tax is paid.
- If you are a registered Charity then you would select the relevant Charity option.
You can also create your own nominal codes, adding to the default structure.
https://support.quickfile.co.uk/t/adding-a-new-nominal-account/8882
Thanks Steve.
Yes, I chose Limited Company, but we are incorporated as a private company limited by guarantee, so no shareholders.
We operate as a non-profit, non-charitable members organisation and our accounts are filed as a micro identity according to FRS 105.
I’ve read Nominal account categories
We don’t sell goods or services and our only income is from membership fees at the moment. Where do membership fees (annual/monthly fees paid to the company by our members) fit? Can we repurpose Sales as Income?
Our expenditure is nearly all administrative, with bulk being the cost of maintaining a website, and accountancy fees. I’m assuming we can use Expenses and/or Overheads for Expenditure.
Hello @SianR
Where do membership fees (annual/monthly fees paid to the company by our members) fit? Can we repurpose Sales as Income?
Correct, you can set up a new code for your membership fees (or just use general sales if you wish)
Our expenditure is nearly all administrative, with bulk being the cost of maintaining a website, and accountancy fees. I’m assuming we can use Expenses and/or Overheads for Expenditure.
Correct again, We give you a collection of codes but we can not match every use case.
If necessary set up your own codes for your specific needs in the overhead code ranges (7000-9999)
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