First day of trading

Question asked by Andrew McGuire 7 years ago

I'm about to activate a dormant company which has never traded, and I'm trialling Clearbooks.

As I've been preparing to begin trading, I've accrued a few costs such as travel for meetings to potential clients, a mobile phone, and if I can get a good answer to this question, a Clearbooks subscription! My accountant has told me that these things should go on the books with the same date as my first day of actual trading as I declare it to HMRC, but I would like to be able to keep track of the actual date of the expense, not least of which to make it easier to match declared expenses with receipts or logbook entries if the need arises in the future.

Can anyone tell me whether Clearbooks can somehow cater to this? I found a forum post from a few years ago about declaring personal assets transferred to company ownership, but that type of thing is really at the discretion of the former owner and has no receipts from other parties involved. Can Clearbooks perhaps remember two dates for a purchase, or be told to simply assume that anything before a given date should be reported later on, etc?

Thank you for your help, Andrew

1 Reply

Hi Andrew,

Yes, this would be possible. I would recommend inputting an Opening Creditor's Balance (Dashboard > Opening Balances > Creditors), which will default to your Clear Books start date where you will also be able to enter an invoice date. Please see the example below:

file

Please let me know if there are any further queries?

Thanks,

Tommy

Reply to this question

Attach images by dragging and dropping or upload
 

Your comments will be public and can be answered by anyone in the Clear Books community.

Find out what we do and who we are