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How to sort deposits for next years bookings

 
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Karen&John



Joined: 13 Aug 2017
Posts: 49
Location: Norfolk

PostPosted: Wed Sep 09, 2020 10:33 am    Post subject: How to sort deposits for next years bookings Reply with quote

Hi,

We are now marketing ourselves (were with agent) and we are
just starting to take (a few) bookings for next year.

Do we put the deposits for next years bookings in this years accounts?

Sounds simple, but not sure how to sort it?

Best,
Karen & John
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Joanna



Joined: 23 Aug 2007
Posts: 1007
Location: Chester, North West England & Sidmouth, East Devon

PostPosted: Thu Sep 10, 2020 5:42 pm    Post subject: Reply with quote

I've always done my accounts in Excel on the basis of when I actually receive/spend the money. So if I get a deposit this year it goes in this years accounts and the balance could be in next year's. I found it was too complicated to try and do it any other way. Likewise, if I pay for the laundry from a late March booking in early April then it goes in the next financial year.

I also use PIMS to manage my bookings which allows me to see the actual value of bookings in any particular year regardless of when the payments came in.
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Jo

Joint owner of Baker's Cottage in Chester & Chandler's Cottage in Sidmouth
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newtimber



Joined: 24 Nov 2012
Posts: 1809
Location: Brighton

PostPosted: Fri Sep 11, 2020 7:52 am    Post subject: Reply with quote

The cash basis - counting the dates when money is received and paid out - is a lot easier. You can use the traditional accounting (and you have to if your income exceeds a huge amount!) if you prefer.
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zebedee



Joined: 12 Sep 2014
Posts: 1190
Location: yorkshire dales

PostPosted: Fri Sep 11, 2020 9:33 am    Post subject: Reply with quote

Yes, I too just record dates received and paid out. It sorts itself out in the long run.
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Karen&John



Joined: 13 Aug 2017
Posts: 49
Location: Norfolk

PostPosted: Fri Sep 11, 2020 11:48 am    Post subject: Reply with quote

Thanks Guys,
I was over thinking again.
Cash basis sorts it all out.
Best,
K&J
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rosebud



Joined: 14 Mar 2012
Posts: 625
Location: Steyning, West Sussex

PostPosted: Tue Sep 15, 2020 2:26 pm    Post subject: Reply with quote

Interesting .. I have always kept spreadsheets for each financial year..
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