Hi I am trying to set up an accounts system for a business I have just been cleared to start. I have been awarded the Back To Work Enterprise Allowance by The Department of Social Protection. My business is an online tarot consultancy course which I built on WordPress, . I have yet to open a proper bank account and am at the messy stage where I have paid for certain items e.g. my hosting renewal, domain, microsoft online with personal bank account or credit card etc. I will be opening a proper account very soon as only got cleared for business on 4th and they have to register me with revenue etc. I will receive a payment of €188 per week from the DSP as part of their enterprise scheme. This is transferred directly into my bank account by the DSP. How do I record this ‘Money In’ payment as it is not a sale and no invoice has been raised for it? I am not sure how and where it should be categorised. It has to be recorded. Can you help? Muddling my way through this. I am registering business name next week with CRO. I am keen to use Bullet for my business and it should be very simple once set up properly.
Hi. Are you a limited business or sole trader?
I am a sole trader but will be registering my business name Teach Me Tarot
Sure. Great. Well as a sole trader you are the business. It doesn't matter what account its from. You can add your personal bank account now and biz later.
I'm not sure how you'd record that in Bullet. Your accountant will be able to advise though.
Thanks. I was thinking about it. I could raise a recurring invoice for the amount and list them as a client to enable me to record the money in each week. I just need to ensure that I have an attached comment stating the DSP are not exactly a sale but a source of income. I thought it may fall under a form of grant but couldn't find an option there. Oh by the way, I am the accountant at present! Thanks again.
I don't think that's a way to do it at all. I wouldn't guess it you'll be done for fraud. Just ask your accountant. They'll explain.
Thanks. I will ask the officer in Department of Social Protection who approved and rubber stamped by BTWEA. They must be aware of how these things need to be recorded. Thanks again. We were told to do our own accounts in the first year of trading. I could do simple manual accounts but I do like your software. Thanks again and sorry for disturbing your Sunday evening.
I doubt it to be honest. I also wouldn't do any accounts manually.
Bullet has all the accounting logic built into its workflows. So you never need to learn anything but know your compliment. grinning
That's no problem.
Just a quick note in case you are asked again. It appears the Back To Work Enterprise Allowance is not subject to tax or PRSI Happy Days!
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