I've been using BT to code payments going from the farm to the trust for a couple of payments that the trust made and the farm reimbursed.
I've been told not to use the BT code. Not given a reason, just told 'don't'.
What else can I use? None of the other codes seem right.
@ilovefarming I set up each entity as a bank account. So when I transfer money from one entity (bank Account) to another I use BT. You must remember to do two transactions debit the account the money comes from and another transaction that credits the account the money goes into. This way you can reconcile both accounts and also filter by bank account in the budget.
We also do this but I have set up another code within BT and called it BT T this allows the accountant to see immediately which amounts are for the trust.
@ilovefarming that sounds fine - we have something similar but they are named ...Trust and ..Ltd(the name of the company) - making it easy for the accountant to identify what is for what.
@ilovefarming Do you have a code set up for the trust - i code anything pertaining to our trust with the trust code and then the accountant can see what is being paid from the company account to the Trust
Yes we pay a monthly lease to the trust which I code to Rent (RT) and that's fine.
But we've had to transfer extra money to the Trust for some development expenses which it's had to pay because it owns the land.
It's also paid a couple of months of PAYE while the farm was a bit short so I reimburse it when there's enough money.
A friend suggested I make new codes in the farm and the trust and put them in the same areas as my codes for Principal and tax.
So what I'm thinking is a code in the farm database called TRUST and a code in the trust database called FARM.
Does that sound right? Has anyone else had to do this?
I think you use BT for when you're transferring money between accounts? I use it when transferring money out or into the online saver account.
Does the trust own the land or something? Are you paying them a lease?