Speak with a Virtual Accountant today to outsource your accounting and tax compliance services for your small business via 08029753761, 08086108687.

www.virtualaccountant.ng

#MondayMotivation

Speak with a Virtual Accountant today to outsource your accounting and tax compliance services for your small business via 08029753761, 08086108687.

www.virtualaccountant.ng

#MondayMotivation

Bookkeeping 101 - Ensure you prepare a comprehensive invoice for your customers and keep a copy.

Bookkeeping 102 - Consider and incorporate the tax implications on the invoice issued.

Bookkeeping 103 - ahan! What happen... holla at 08029753761, 08086108687

Happy new week.

#MondayMotivation

From all of us at VirtualAccountant.ng

We wish you a happy new month and welcome to the 2nd half of the year.

That 2017 revenue budget is still achievable and your business objectives are valid. We encourage you to invest more time in running your business and get better at it, while you leave the back end accounting support to us as an outsourced function.

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Bespoke accounting services for your small business, start up and project, at very affordable rates.

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Join the virtual movement and enjoy top notch outsourcing solutions. No business is too small for us, we gat it covered.

- Professionalism
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visit www.virtualaccountant.ng now

Have a great day!

We are live!!!

Wawuu!!!

Bespoke accounting services for your small business, start up and project, at very affordable rates.

- Bookkeeping
- Accounting
- Tax Compliance
- Other regulatory compliance

Join the virtual movement and enjoy top notch outsourcing solutions. No business is too small for us, we gat it covered.

- Professionalism
- Ingenuity
- Value for money

visit www.virtualaccountant.ng now

Have a great day!

We are live!!!

Wawuu!!!

Bespoke accounting services for your small business, start up and project, at very affordable rates.

- Bookkeeping
- Accounting
- Tax Compliance
- Other regulatory compliance

Join the virtual movement and enjoy top notch outsourcing solutions. No business is too small for us, we gat it covered.

- Professionalism
- Ingenuity
- Value for money

visit www.virtualaccountant.ng now

Have a great day!

We are live!!!

Wawuu!!!

Bespoke accounting services for your small business, start up and project, at very affordable rates.

- Bookkeeping
- Accounting
- Tax Compliance
- Other regulatory compliance

Join the virtual movement and enjoy top notch outsourcing solutions. No business is too small for us, we gat it covered.

- Professionalism
- Ingenuity
- Value for money

visit www.virtualaccountant.ng now

Have a great day!

We are here to support and do not want you to be caught unawares with unnecessary tax implications for your growing business, as current enforcement of tax laws and regulations is widening the tax bracket to cover MSMEs and start ups.

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Why should I engage a Virtual Accountant when I can make do with a calculator, spreadsheets and a less qualified accountant?

A calculator and spreadsheet will only compute figures, while a Virtual Accountant will prepare standard reports with proper classification and still interpret them.

A less qualified accountant will be very much at the receiving end instructions and close supervision.While a smart Virtual Accountant, because of wealth of experience has a wholistic and futuristic view of your business. We go ahead of your instructions and profer the best bespoke solutions for your business.

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Holla at 08029753761, 08086108687.

Happy holidays!

Why should I engage a Virtual Accountant when I can make do with a calculator, spreadsheets and a less qualified accountant?

A calculator and spreadsheet will only compute figures, while a Virtual Accountant will prepare standard reports with proper classification and still interpret them.

A less qualified accountant will be very much at the receiving end instructions and close supervision.While a smart Virtual Accountant, because of wealth of experience has a wholistic and futuristic view of your business. We go ahead of your instructions and profer the best bespoke solutions for your business.

Save your time to run your business and still get maximum value added services.

Holla at 08029753761, 08086108687.

Happy holidays!

Why should I engage a Virtual Accountant when I can make do with a calculator, spreadsheets and a less qualified accountant?

A calculator and spreadsheet will only compute figures, while a Virtual Accountant will prepare standard reports with proper classification and still interpret them.

A less qualified accountant will be very much at the receiving end instructions and close supervision.While a smart Virtual Accountant, because of wealth of experience has a wholistic and futuristic view of your business. We go ahead of your instructions and profer the best bespoke solutions for your business.

Save your time to run your business and still get maximum value added services.

Holla at 08029753761, 08086108687.

Happy holidays!

We at virtualaccountant.ng wish all Muslims a happy celebration.

Come one, come all...

Be it a start up business in;

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We are a dial/chat away: 08029753761, 08086108687.

Cheers to the holidays!

Virtualaccounts:
Hello guys,

Happy weekend.

You have been recently appointed as an Accountant with TPK Limited and your boss requested that you issue an invoice to a customer - Messrs Enterprises for the supply of 6 units of magnifying glass at N7,500 per unit.

How is this transaction treated up to the point where the customer makes full payment for the goods? Recognise applicable taxes.
(Assume withholding tax at 10%)

Hello friends,

Happy holidays

So... here we go with the treatment of the scenario above:

Issue an invoice to Messrs Enterprises -

N7,500.00 x 6 = N45,000.00
VAT @ 5% of N45,000.00 = N2,250.00

Total invoice value - N45,000.00 + N2,250.00 = N47,250.00

In the books of TPK Limited, raise a journal...

Dr: Account receivables - N47,250.00
Cr: Sales (item ledger code) - N45.000.00
Cr: VAT payable - N2,250.00

Being invoice to Messrs Enterprises for the sale of magnifying glass.

On receipt of invoice value from customer, we can have 2 cases:

- The customer deducts WHT and pays N42,750.00, then give you WHT credit note of N4,500.00

WHT @ 10% of N45,000.00 = N4,500.00
N47,250.00 - N4,500.00 = N42,750.00

Dr: Bank/Cash - N42,750.00
Dr: WHT receivable - N4,500.00
Cr: Account receivable - N47,250.00

- The client pays the full invoice value of N47,250.00

Dr: Bank - N47,250.00
Cr: Account receivable - N47,250.00

Before the 21st of the next month, issue a cheque/cash to FIRS for VAT remittance and file your returns.

Dr: VAT payable - N2,250.00
Cr: Bank - N2,250.00

Na the work wey we dey do

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What a time!

julyb:


I totally did not agree with this posting.It is technically wrong.
The correct entries should be:
Dr Travel expenses NGN230,000
CR Staff/Debtor's Account NGN230,000
This leaves the staff debtors account with a credit balance of NGN30,000.

Then you can pass the entries below upon payment of the 30k balance to the staff
CR Bank/Cash Account NGN30,000
DR staff/Debtor's Account. NGN30,000

You are correct sir! So am I. You simply separated the transactions that I merged. The same effect eventually. Study my entries again.

If you study my entries you'd discover that the accounts that matter are the cash/bank account and Expense account and these two accounts already have the correct amounts accounted for. The staff debtor account is only a "reduntant" account to capture in/out only.

Thank you for your comment.

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