Accounting for Refunds, Returns and Credit Notes
A practical guide to the accounting treatment of refunds, sales returns and credit notes, including VAT adjustments, journal entries and UK …
Invoicing and payments
Practical guides to invoicing, payment follow-up and cash flow.
Accounting for Stripe and Payment Processor Fees
Payment processors like Stripe charge transaction fees that must be correctly recorded in your accounts. This guide covers the bookkeeping …
Bank Transfers in the UK
UK businesses can transfer money between bank accounts using BACS, CHAPS, or Faster Payments. This guide compares all three systems and …
Cash vs Credit Sales
A practical guide to cash and credit sales, covering accounting treatment, cash flow implications, credit risk management and when each …
Debt Recovery for Small Businesses
Debt recovery is the process of pursuing payment for overdue invoices. This guide covers the steps UK small businesses can take, from …
Dunning Letters and Debt Chasing Procedures
A step-by-step guide to the dunning process for UK businesses, covering payment reminders, escalation procedures, letter templates and the …
Electronic Invoicing in the UK
Electronic invoicing replaces paper and PDF invoices with structured digital data that accounting systems can process automatically. This …
Invoice Factoring vs Invoice Discounting
Invoice factoring and invoice discounting both release cash tied up in unpaid invoices, but they differ in who manages the sales ledger and …
Merchant Accounts and Card Payments
A merchant account lets businesses accept credit and debit card payments. This guide explains how card processing works, what fees to …
Payments on Account
Payments on account are advance payments towards your next tax bill, each equal to half of the previous year’s liability. This guide …
VAT Invoice Requirements
HMRC sets out specific rules for what must appear on a VAT invoice. This guide covers the requirements for full, simplified, and modified …
What Are Late Payment Penalties?
A practical UK guide to late payment penalties, covering statutory interest, fixed compensation, contractual terms and enforcement options.
What Are Payment Terms?
A practical UK guide to payment terms, standard structures, legal defaults and their impact on invoicing and cash flow.
What Are Recurring Invoices?
Recurring invoices are invoices that are automatically generated and sent at regular intervals for the same goods or services. This guide …
What is a BACS Payment?
A practical UK guide to BACS payments, covering the three-day cycle, Direct Credit, Direct Debit and business applications.
What is a Credit Note?
A practical UK guide to credit notes, covering when they are issued, legal requirements, VAT treatment and accounting entries.
What Is a Payment Reminder?
A practical UK guide to payment reminders, escalation steps and bookkeeping impact.
What is a Proforma Invoice?
A practical UK guide to proforma invoices, their purpose, legal status and use in domestic and international trade.
What is a Purchase Order?
A practical UK guide to purchase orders, covering the PO process, legal status, matching to invoices and role in financial controls.
What is a Sort Code?
A sort code is a six-digit number that identifies the bank and branch holding a UK account. This guide explains how sort codes work, where …
What is a Standing Order?
A practical UK guide to standing orders, covering how they work, when to use them, and how they compare to direct debits and other payment …
What Is an IBAN Number?
A practical UK guide to IBAN format, check digits, and payment operations.
What is an invoice?
An overview of what an invoice is, statutory requirements, different types of invoices, certification and effective payment solutions in the …
What is CHAPS?
A practical UK guide to CHAPS, covering how it works, when to use it, costs and how it compares to Faster Payments and BACS.
What is Direct Debit?
A practical UK guide to direct debit, covering the mandate process, the Direct Debit Guarantee, business use cases and accounting treatment.
What is Faster Payments?
A practical UK guide to the Faster Payments Service, covering how it works, transaction limits, costs and business applications.
What is Open Banking?
Open banking allows businesses and consumers to securely share financial data with authorised third parties. This guide explains how it …