We draw from our bank account (via ATM) £100 - £200 pcm as Petty Cash that is used for small travel and subsistence, parking and general admin costs.

This is recorded as a Petty Cash debit. At the end of each month there is a petty cash form completed detailing the expenses that shows a VAT element that we wish to show in our VAT submission.

Please could you advise how we might be able to input the amounts that will be a mix of 15% and zero rated amounts and how this can be reconciled with the ATM withdrawals?

Kind regards

David

Hi David,

Yes that's not a problem. To record the ATM withdrawal, create a General Transaction from the Cheque Account to the Petty Cash account.

At the end of the month, record a single Money Paid Out transaction for all your petty cash purchases. In the 'Allocate to Account' table, enter one row for each expense type and VAT rate. Here's an example:
http://www.solaraccounts.co.uk/forum/resources/petty-cash-example.jpg

I hope this makes sense. Please let me know if you need more information.

Regards,

Hi

Is there a way to add a reference to each line of these petty cash transactions?

Thanks

Sorry no, you cannot add a reference in the Allocate To Account table of a Money Paid Out transaction. You would need to add any extra information to the Journal Memo field, or in the Notes field (under More Options).

Regards,