Help Please - IGRA is a residents association of six houses that manages a communal water treatment plant ( a Klargester biodisc, a bit like a septic tank) and we have had to create a legal entity (a limited company) to ensure all members pay in to a business bank account to pay for its upkeep and maintenance (electricity, maintenance, pump outs etc).
As a limited company, we obviously have to file accounts and so I am using Quickfile. We don’t make a profit, simply receive financial contributions from each household and then the pay for the running expenses of the treatment plant from the business bank account.
I am just setting up the bank account on Quickfile and would like to know what nominal code I should use to record the payments into the bank account from each resident as these are not sales, more like contributions towards the maintenance costs.
Should I set up a new nominal income code to record these? and if so under what sub category. I do hope someone has had a similar experience or can suggest a way forward to help me.