Hi
Can you help please.
When I input a transaction as in I personally have spent £20 as my own money on fuel, etc, should I enter this as a payment transaction or a general transaction?
Please can you just clarify what PAY should be used for and what GEN should be used for.
I have looked through the demos and help list but I can not find.
Kind Regards
Catherine Jones
Hello Catherine,
The Money Paid Out transaction is similar to the General Transaction, except that it also records the payee name and VAT details. If you are not VAT-registered and don't need to know who received the money, you can use either transaction type.
When you pay business expenses with your own funds, you should set the 'from' account to 'Owners Drawnings and Personal Use' (if you are self-employed) or 'Directors Loan Account' (if the business is a limited company and you are a director).
Regards,
