View Full Version : Getting parents to sign for what they have paid you.
helendee
29-12-2009, 06:22 PM
Is it a requirement for tax purposes that at the end of each month/week, parents sign your book to confirm that they have paid you a certain amount?
I usually remember to get mine to sign but do forget sometimes!!!:(
sarah707
29-12-2009, 06:34 PM
It's not a requirement for tax or Eyfs.
However it is good practice and can prevent parents saying they've given you money when they haven't...
it's also useful to keep a record signed by the parents of who has attended and when :D
Chatterbox Childcare
29-12-2009, 06:56 PM
It is your own responsibility to keep accurate and up to date records.
How you do this is up to you - personally I invoice my parents and keep a copy with my records and then the money goes straight into my account to balance it out. If I get cash I write a receipt and attach it to the invoice.
As long as their is a paper trail you will be fine.
Don't forget to keep all financial records, including bank statements for 7 years plus your current year. The records all say 3 but if the IR come in and audit they can back date any fines/interest penalties based on what they find for 7 years if you don't have them.
It is your own responsibility to keep accurate and up to date records.
How you do this is up to you - personally I invoice my parents and keep a copy with my records and then the money goes straight into my account to balance it out. If I get cash I write a receipt and attach it to the invoice.
As long as their is a paper trail you will be fine.
Don't forget to keep all financial records, including bank statements for 7 years plus your current year. The records all say 3 but if the IR come in and audit they can back date any fines/interest penalties based on what they find for 7 years if you don't have them.
All my current parents pay me weekly in cash. I give them an invoice and then a receipt which I keep copies of.
Should I be paying the cash into a bank account each week (haven't paid all of it in some weeks) and if so - should it be a seperate bank account?
Suppose what I'm asking is - are my invoices/receipts and NCMA accounts book (which I get parents to sign monthly) enough without bank statements?
Chatterbox Childcare
30-12-2009, 08:47 AM
All my current parents pay me weekly in cash. I give them an invoice and then a receipt which I keep copies of.
Should I be paying the cash into a bank account each week (haven't paid all of it in some weeks) and if so - should it be a seperate bank account?
Suppose what I'm asking is - are my invoices/receipts and NCMA accounts book (which I get parents to sign monthly) enough without bank statements?
No need to bank the money as long as you have entered it all in your accounts book
No need to bank the money as long as you have entered it all in your accounts book
Thanks Debbie :thumbsup: