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What are the examples of ledger account?

contra revenue account list

If we refuse to waive payment of the deductions that should have been made, the contractor has the right of appeal against that decision. If a contractor fails to produce records relating to payments made under the scheme when asked to do so, we may charge penalties up to £3,000. The contractor should normally make payments under deduction to the subcontractor, but the subcontractor may authorise payment to be made out to another person, such as a debt factor. It’s good practice for a contractor to give a subcontractor a payment statement where the payment has been made gross, but there is no obligation to do so.

What are the three contra revenue accounts?

As mentioned above, there are three common contra revenue accounts: sales returns, sales allowances and sale discounts. Sale Returns contra revenue accounts are useful in demonstrating the impact on net revenue of returns and refunds.

In the Accounts tab, the options to choose are under Type, select Company and under Entity please select Limited and under Chart select Limited Farm . The dormant flag is set to Trading https://www.scoopbyte.com/the-role-of-real-estate-bookkeeping-services-in-customers-finances/ by default and can be set to either Dormant – Never Traded or Dormant – Ceased Trading. In terms of the Financial Statements, there is no difference between the two dormant variations.

1 Non-resident businesses

To account for this correctly, the business would set up an Accruals account, which is a liability account – this is money that the business owes but has not yet paid. Those principles, conventions, rules and practices applied by a business that specify how the effects of transactions and other events are to be reflected in its financial statements. Therefore an increase in assets must be accompanied by an equal increase in the liabilities and/or capital. Such a gain/loss is of no consequence to auditors – internal reportage will suffice.

contra revenue account list

A means of assessing the difference between a predetermined cost/income and the actual cost/income. Cheques paid out which are passing through the bank clearing system, but real estate bookkeeping have not yet been presented to the bank where the account is maintained. Production cost plus administration, selling and distribution expenses and finance expenses.


End of period processing cannot be carried out unless the period totals net to zero and differences between the transactions are balanced by the brokerage. NL cash is written both to the cashbook and also directly to the nominal ledger. The system uses the IBA transaction number as the NL batch number which makes for easy reconciliation. The only purpose of the IBA account in the case of NL cash is to assist with the bank reconciliation – a dummy account code could be used. The batch number, journal type and narrative identify the type and origin of the various types of records in the nominal ledger as shown in the table below. The calendar defines the ‘current’ period – more accurately described as the ‘earliest open period’.

Before a contractor can make a payment for construction work to a subcontractor, they must decide whether they need to verify the subcontractor. When you’re about to take on and pay your first subcontractor, regardless of whether https://www.archyde.com/how-do-bookkeeping-and-accounting-services-affect-the-finances-of-real-estate-companies/ that subcontractor is likely to be paid gross or under deduction. CIS payments and deductions must not be reported on the supplementary ‘employment’ page SA102 as they are not earnings from a ‘contract of employment.

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