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book keeping

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    Thank you all for your replies on my last thread regarding benefits. Today ive spoke to the council and tax credits and both were very helpful. This afternoon Ive had a good think about it and on monday i will ring Inland revenue up and tell them Im going ahead with being self employed.

    Next question how do you all do your book keeping? While i was in town today I bought 2 ledger books on to record outgoings and one for incomings will this be ok? Do I have to have a seperate bank account and show statements or will I be ok just recording my sales and expenses.
    I have a spare current account but at the moment I'm using the overdraft facility on it so on the statments it will show £500 overdrawn.

    Thanks for your help

  • #2
    I do my bookkeeping on excel at the moment. My accountant has devised a spreadsheet matching my situation and it works great.

    When I first started I also used excel. You can just list outgoings and incomings on different tabs or columns.

    It does make it easier to have a separate bank account for business.
    Bead Shop, 91 Liverpool Road, Penwortham, Preston, PR1 0QB, Lancashire. Mon-Fri 10am-5pm, Sat 10am-4pm, Sunday 11am-3pm.