New to this and a bit scared!

[tash 1]

Hi I've started with first 2 children on 17th sept so only been minding for 2 week all this accounts stuff really scares me,hopeless at maths I have M.M account form and it's confusing me and I've not even started,keep putting it off.will register with tax this week but don't know where to start? I also have 4 wallet full of receipts with over a 100 receipts from 2010??!for start up toy equipment where do I record this on M.M account form.Also when do I do my tax return??? Any advice would be great.xx

[gegele]

relax!! breathe

if you go to it with a panic mind you won't focus.

i would put all the old receipt together and name it starting cost in miscellenous.

i haven't got MM paperwork so i don't know what they look like.

someone will help more soon:D

[Kiddleywinks]

Don't panic!

It's a lot easier once you have a system in place than you think.

Using the receipts you already have for equipment you've bought specifically for childminding, make a list on a seperate piece of paper (or in a word document) that shows
Date purchased Amount Paid Item/s


Under 'Items' if it was a singular one like a buggy for instance, just put buggy, but if the receipt was for lots of similar items, for example paper, glue, paints, stickers and pom poms, write something like 'craft stuff'

When you have made this list, add it all up to get your total amount, and that amount can be entered as 'start up costs' in the details section, with the amount being entered under 'other' on the expenses record.
Staple, or clip that pile to the list you made, that will keep it all together.
That's that pile done :thumbsup:

Anything purchased since you have been minding (the last two weeks) can be entered as you buy it, under the heading it relates to:
Food and drink, toys and equipment etc
(I use the receipt number as the 'ref no' to avoid confusion when I have lots of receipts from the same place)

Hope that helps to get you started :thumbsup:

Edit: The financial 'year end' is the 5th April every year, so the current years records run till 5th April 2013, you then put everything to that date in your tax return, and start afresh with your financial paperwork recording April 2013 - April 2014 income and expenditure.

The tax office, when you register, will inform you of any courses (free ones) that they run in your area, it's worth going on one just to give you a better idea of how they want things doing.

April is the cut off date every year, you then have to file your accounts by either September, October, or by January at the very very latest. You also have to have paid your tax bill if there's one due, by the end of January.
So current accounts run april 2012 - april 2013, bill to be paid by Jan 2014