Hi,
When recording expenses bought through the cheque account, there is a difference in dates from when the item was bought in the shop to the date when the transaction comes out of the cheque account. Which date is best to use when recording the general transaction?
Would this have implications for the fixed asset register?

Hi Angie,

Use the date that the item was bought in the shop. At that point you know the merchant has a claim over some of the money in your bank account, so the 'true' value of the bank account is less than is printed on your bank statement. Also, the asset is considered yours when you walk out of the store with it, not at a later time.

Note that if you are VAT-registered you will find it easier to keep track of the VAT if you record a Money Paid Out transaction instead of a General Transaction.

Cheers,

Mark picking up on your last comment in this post I presume you would record as money paid out but then selct the general transaction from the drop list instead of invoice!

Hi John,

Yes - the Type field in the Money Paid Out window should be 'General Payment' (not 'Invoice Payment')

Cheers,