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Calculating the tax adjustments

Interest charged on current accounts

Interest charged on current accounts is an important adjustment for accounting income. Can this adjustment be carried out on a more regular basis during the year? What changes to your software would assist you with making this adjustment?

Comments

Bruce Stone
Interest can't be charged during the year as the shareholder salary is not decided until after year end and is credited effective from the first day of the year.

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2 months ago
Jane Fitzgerald
Yes it could and I would need to discuss with the help desk for ways to adjust this.

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2 months ago
Christine Robinson
Am not sure if my a/c package could be adjusted - but don't see it as a problem

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2 months ago
Karen Silk
This is more about getting banks to send regular statements. If that was done then it would be easy, but at the moment any loans statements are sent annually. It is just a matter of getting the bank to make the figures available on line on a monthly basis.

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2 months ago
Susan
I think this is more owner shareholder not banks.

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2 months ago
Janise Nelson
Not sure we keave this to our accountant

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2 months ago
Christopher Smith
Not relevant to me

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2 months ago
John Penney
I would imagine our accountant could strike a reasonable figure to use during the year, with an EOY washup.

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2 months ago
Sandra Kraakman
Year end simplifies this for the banks and the accountants. If banks are required to provide this information monthly, will that mean their charges will increase? Not a good idea.

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2 months ago
Paul Dunmore
I don't run current accounts. I use a proper company that pays proper dividends.

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2 months ago
Margaret Baker
Hi, Software could handle this easily. Have been waiting for my workpaper system to implement an automated solution in this area - it is a time consuming task end of year.

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2 months ago
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