When we receive payments from Clients, the money needs to allocated as follows:
- Payments on account go to the Sterling account, but we need to enter details in the “Client Account” spreadsheet, even though we no longer operate a separate account.
- Invoiced payments need to be divided on receipt so that:
a. the VAT element goes into the savings account;
b. Foreign associates’ fees are paid to the relevant foreign associate if already invoiced, or an appropriate estimated sum is held in the Savings account until we receive the relevant invoice.
Last Updated on 27 October 2025 by Keith