New business advice sought

[PutneyBaron]

Hello All,

Newbie UK Quickbooks Pro 2002 user here. I've used Quicken and Expnsable in the past, so I have a rough (and I mean rough) idea of how to use Intuit SW. However, I don't have much true accounting experience, so I'm learning as I go. Here's the issues I need help with:

Background - UK limited company with 3 co-owners, 6 months old and preparing proper books for the first time(!).

1. All 3 owners have various personal equipment that we want to 'sell' to the company. IMHO, these items will fall into one of two categories - either fixed assets (PC's etc) or stock assets (PC cards etc?).
Firstly, I'm not sure that I should use the 'stock assets' account for this and don't know the implications, but I do know that we may want to sell some of these 'stock assets' on once they are owned by the company.
Secondly, I think that the way I 'sell' them to the company is to raise a personal invoice, add the transaction into the 'owner investment' equity account and that's where I get stuck. How do I show the items as a stock asset (or listed as a fixed asset)? Then how do I pay each owner for this?

2. Anyone know a good book that's suitable for the UK version of QB Pro 2002? (I certainly need it!)

Thanks in advance everyone.

PutneyBaron.

[Christopher]

Hello PutneyBaron (does that give a clue to your location?)

I would suggest that you keep the stock items and fixed assets separate, especially as you may be selling some of the former.

Yes, you will have to create (at least) three personal invoices, set up a "supplier" account for each of the "owners" then post the invoices into QB as "bills" (there should be a "bill" icon if not look under "suppliers") and analyse them accordingly.

You'll note when you enter a bill there are two tabs "expenses" and "items". I would put fixed assets (and overhead costs) on the former and stock for resale on the latter to aid stock control (this assumes you have set the items up!). This will (in theory) put the transactions in the right place.

To pay them use "pay bills" and write them a cheque in payment. If the company needs the cash, don't, they will just show as a creditor when you run an accounts payable report.

You can move them to an 'owner investment' equity account, but this would be via a journal, don't think you want to get involved in that yet!

I specialise in Quickbooks, if the above is not too clear email me and I'll try and help. I always offer 2 hours free to new Quickbooks users.

Books - the only one I've seen is Quickbooks for dummies but that is for the US although a lot will apply to the UK version.

Chris
chris@mobileaccountant.co.uk

[PutneyBaron]

Chris,

Firstly, yep, the name is a very good idea of where I'm based!

Secondly, thanks for the advice. That certainly helps point me in the right direction. No doubt I'll be back in touch though;-)

Thirdly, yeah I looked at QB for Dummies, but it got a slating review on Amazon, basically saying that it was too 'for Dummies' and far too US biased, so I've avoided it so far. Shame that Intuit don't do one really.

Thanks again.

PutneyBaron