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I am looking to start a small business and do my own accounting. If I receive an APPROVAL for an overdraft, but don't need it yet, does that APPROVAL need t be recorded in the books or only when it is activated?
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Hi Frank..
I am not an accountant so cannot give you any advice in relation to this. However given the question you have raised; I would strongly suggest that you engage the services of a qualified accountant who can advise you what you can or cannot claim/ record. A good accountant is worth their weight in gold!
Best advice - see an accountant!
Nothing to be recorded in the books, but hold onto confirmation of overdraft facility.
Thanks all for your interest. I didn't go into a lot of detail at the time for the sake of brevity and I will most certainly be using an accountant! I just want to do a lot of stuff as I go so as to avoid as many pitfalls as possible along the way. I think better to try to avoid some situations if possible rather than find out after the event.I realise a little financial knowledge can be dangerous, but I think it helps to understand what an accountant is talking about when reviewing events and forward planning.
Thanks again for your help and sage advice.
Regards,