Example:
I work for a music promoter. This weekend I had to front £50 in Morrisons for some catering bits. I will get paid back the £50 along with my £150 fee.
Which account would I allocate the £50 Morrisons General Transaction to (an expense account?)
On the invoice which account would I allocate the 'repayment' to? (an income account?)
Hi Brad,
Create a new asset account called 'Client Disbursements to Reclaim' then create a £50 General Transaction from the Cheque Account to this Disbursements account. When you are paid the money create a £50 General Transaction from the Disbursements account to the Cheque Account (in addition to the £150 sales transaction)
Cheers
