Preincorporation expenses

Hi I was looking for some insight as to how to enter preincorporation expenses into Bullet.
I added them as Bills but this results in a number of historic VAT3 entries which would be prior to my registration for VAT.  I need them to be assigned to the correct categories for depreciation. Is the correct way to manage these preincorporation expenses to add them as Manual Journal Entries? or is there another workaround?

3 answers

Peter Connor Staff January 10, 2017

If you’re a customer of Bullet just click the (?) in the dashboard for instant free support. If you’re not getting instant support window you need to turn on JavaScript in your browser. 
So I’ll answer your question with a couple of answers. 
Pre incorporation expenses would be entered are personal expenses that the company owes the person. To do this select yourself as the payee.
Regarding depreciation you’ll need talk to your account about that, we can’t advise on depreciation or personal expenses. As far as I know if it’s a personal expense then you can’t deprecated it as the company reimburses you, but you’re accountant will advise on that and the M.J.Entries to use. 
Our categories have the correct depreciation built into them so just select the appropriate one and Bullet will manage the rest. 
Thanks Pete

Eitean January 11, 2017

Hi Pete,

Thank you for the response.

The issue I was having was with regard to how the Bullet software manages pre-incorporation expenditure. On entering my pre-incorporation receipts into Bullet, 14 overdue VAT3 records, prior to incorporation were created by the software. I had entered the Issue Date as what was listed on the receipt, and the Due Date as the incorporation date (per section 82 of the Act) I have now changed the Issue Date and Due Date of the receipts to the date of Incorporation and retrospectively modified the VAT3 Payment frequency to 6 months, which has reduced the number of VAT3 overdue records to 4 which I can’t delete.

For anyone else, my advice is to add the Issue Date and Due Date as the date of Incorporation to avoid such issues.
Can you please advise on how to Delete these eronious records?

Peter Connor Staff January 30, 2017

Like I mentioned above you’ll get a quicker response by using our in app chat. 
Just mark the VAT3 as paid with a zero sum. That will remove them from Bullet todo list. You can’t delete tax returns from Bullet. 
Thanks Pete

  1. The issue was not that they were in a queue, it was that they were there in the first place. Moving from 'To Do' list to 'Done' did not resolve the issue, so I spend a full day moving all of the records to a new account. Pitty as from experience, this type of issue can usually be fixed within a few minutes in the back end.

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