We are coming to the end of a large building project and it has been necessary for the directors to add funds. Where this is in cash there is no problem, I just add to the directors account.
However in some instances personal credit cards have been used to pay suppliers. The director invoice the company for the amounts spent. I can allocate the totals to the directors account and will pay the money to each director when we sold this project. I would like to claim back the VAT on money spent.
How can I do this with the accounts?
Hi Peter,
OK just record a normal expense
<https://www.solaraccounts.co.uk/help/how-to-record-an-expense> payment
with the VAT at 20%, but set the Paid From Account to 'Directors Loan
Account' instead of 'Cheque Account'. When you reimburse the director,
record a General Transaction from the Cheque Account to the Directors Loan
Account.
