A bank deposit involves placing money into an account with a banking institution. Depositing a cheque is one way to make a deposit. You can also deposit cash or make a funds transfer.
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What is an Annual Return?
An annual return (AR01) is a document that all businesses are required to submit to Companies House each year. It details general information about a company, such as its ownership, capital position and management. The annual return has been replaced by the confirmation statement (CS01) since 30 June 2016.
What is a Balance Sheet?
A balance sheet is a financial statement that provides a snapshot of the financial condition of a company, showing how much it owns (assets), owes (liabilities) and the amount that is left over for its owners (owners' equity) at a specific point in time. It is typically completed at the end of a month or a financial year.
What are Accruals?
Accruals refer to revenue that have been earned, or expenses that have been incurred but aren't yet recorded in a company's accounts.
Examples of accrued expenses include wages payable, bonuses, interest on loan and goods received.
One example of accrued revenue is accrued interest.
On the balance sheet, accrued expenses are recorded under the current liabilities section, while accrued revenue are recorded under the current assets section.
What is a Profit & Loss Account?
The profit and loss account (P&L) is a financial report that shows the revenue, expenses and profit or loss of your company over a specific accounting period.
This period can be a month, a quarter or a year. A P&L is also commonly referred to by other terms, such as the income statement, statement of operations, financial results statement and earnings statement.
Do I need a separate business bank account?
If you're running a limited company, you'll need a separate business bank account as the company is its own legal entity, and its finances must be kept separate from the business owner or director.
While you're not legally required to have a business bank account as a sole trader, there are benefits to doing so. For instance, it enables you to keep your business finances separate, and your business accounting records organised.
What are Supplier References?
A supplier reference (or trade reference) refers to a report detailing the payment history between a business customer and its supplier or vendor. It enables a supplier to check your creditworthiness and find out if you're a reliable customer before they offer you credit.
What are Debtors?
The term ‚Äòdebtor' refers to an individual or company that owes money, or is in debt to an individual or organisation. An example would be a customer that has purchased a product or service from your business. In the balance sheet, debtors are listed under the current assets section.
What is Retained Profit?
Retained profits, or retained earnings are profits that a firm has earned to date (after deducting dividends or other distributions paid out to investors) and are retained in the company's accounts. In a balance sheet, retained profits are included under the owner's equity section.
What are Credit Notes?
A credit note is a document that a business issues to its customers. It is used whenever an invoice needs to be changed and re-issued, such as when a customer changes or cancels an order, or is charged an incorrect amount.
What are Invoice numbers?
An invoice number is a unique number that is assigned to each invoice. This number is one of the most important elements of every invoice. Its role is to identify transactions, so it needs to be unique. Invoice number can contain only numbers or letters and numbers. It may contain date of issue, name of project or task.
UK Spring Budget 2021: 19 Things You Need to Know About the Budget
1. Furlough scheme extended to September 2021
The government has committed to continue paying 80% of employees' wages when they are unable to work, with employers not having to make any contributions until July 2021.
2. Support for the self-employed extended to September 2021
As part of the covid support package from the government, the the Chancellor confirmed that he will extend the self employed income support scheme with those submitting a self assessment tax return before midnight 2nd March being eligible.
3. Universal Credit uplift to stay for 6 months
The £20 weekly uplift in Universal Credit has been extended for a further 6 months, with Working Tax Credit claimants being eligible for a £500 one-off payment.