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Thread: Xero Help?

  1. #1
    DF VIP Member Rick Sanchez's Avatar
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    Help Xero Help?

    Hi,

    It's 04:38 and I'm still reading about Xero accountancy codes as I can't find the answer anywhere.





    I'm hoping that someone can help me?




    I'm trying to confirm what accounts to put the following under:




    Companies House - Annual Accounts, 13 fee - I assume - 401




    Companies House - Late Fee, 375 fee - I assume - 401 or 441?




    Director Loan - 835 - Director Loan Account?




    And a:




    PayPay (General credit card deposit) Currency Conversation payment for a service - E.g. 15 converted to $28 for a IT Service ( IT Software and Consumables) - I have no idea what to put for this? Any and all help will is greatly appreciated!




    Thank you for your help!
    Last edited by Rick Sanchez; 28th April 2019 at 02:41 PM.

  2. #2
    DF Jedi hoponbaby's Avatar
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    Default Re: Xero Help?

    Quote Originally Posted by Rick Sanchez View Post
    Hi,

    Companies House - Annual Accounts, 13 fee - I assume - 401
    Companies House - Late Fee, 375 fee - I assume - 401 or 441?
    Director Loan - 835 - Director Loan Account?

    And a:

    PayPay (General credit card deposit) Currency Conversation payment for a service - E.g. 15 converted to $28 for a IT Service ( IT Software and Consumables) - I have no idea what to put for this? Any and all help will is greatly appreciated!

    Thank you for your help!
    Companies House - 429, it's not accountants fees
    Penalty - Create a new code, say 499 as it's not tax deductible and so needs to be identifiable
    Dir Loan - 835 is fine although if you owe the company there are tax implications.
    Paypal for IT - 463 use the sterling amount and the currency conversion doesn't make any difference

    The 375 would suggest you should have an accountant Oh & imo Xero is shite!!

  3. #3
    DF VIP Member Rick Sanchez's Avatar
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    Default Re: Xero Help?

    I do have an accountant, I've had a couple over the years and nearly all of them have missed the deadlines!

    What would you use instead of Director Loan?


    -----------

    I think I'm getting confused as there doesn't seem to be a 'set' standard for some things and each accountant seems to use a different account for the same thing.

    ---

    Companies House - Filing fees and fines = Either Fees. I can't find that in Xero? Would you have two separate accounts?


    Legal and professional or 429?

    ---

    I think I've sorted the PayPal transactions out. I checked what I did last year and I have done the same.
    This is under the received account:


    PayPal has sourced funding from the bank in GBP () to pay for a service in USD ($) - PayPal has converted the GBP to USD.

    There is one transaction in PayPal. - One for spent and one for received for the exact same service.

    I assume both the spent and received transactions are logged the same as they are for the exact same service?

    ---

    I didn't explain the PayPal Withdrawal well at all.

    I transferred money from PayPal to the business bank account.

    I assume I put the bank name for 'Who' and 'Suspense' for the 'Account'?

    ---

    Is there a way to automate most of this?
    Last edited by Rick Sanchez; 28th April 2019 at 04:19 AM.

  4. #4
    DF Jedi hoponbaby's Avatar
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    Default Re: Xero Help?

    If you've provided the info to them in a reasonable time and answered any queries if asked then there shouldn't be any reason for the accounts to be filed late

    Dir loan is fine if the company owes you money, it it goes overdrawn though then technically it should be reported on a P11d. In reality you actually had a meeting (with yourself) and voted to pay a dividend prior, didn't you....Easiest thing to do is continue to post each small transaction like that to dir loan but also do a journal (DR dividends paid, CR dir loan) as and when required to keep it in credit.

    Companies House filing fee is allowable so general expenses is fine, the penalty however isn't allowable for tax purposes and so needs to be stripped out in the CT computation, putting it in it's own account just makes it easier to identify on the trial balance.

    The paypal one is more complicated that it needs to be, as it's an in/out of paypal then just treat it as being paid directly from the bank in GBP and ignore the currency conversion. If you had a running balance in paypal then you would treat it differently:

    Bank transfer from bank to paypal (which should be setup as another bank account)
    Bank payment from paypal to IT services, still for the GBP amount though.

    The currency aspect would only really come in to it when you hold balances within paypal in different currencies as there will be an exchange rate gain/loss to consider.

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