Hi Mark,
I have been listing company credit card expences paid on my card (directors loan) under General Transactions. I have set up Credit Card Expences for Company account which correctly allocates the purchases. I cannot seem to allocate the money paid to me from the company for the purchases.
Also I have numerious expences which are non VAT, parking, tolls. How are these treated. I am VAT Registered.
Cheers
Hello KP,
Since you are VAT-registered, you should record business expenses paid from your personal funds as a Money Paid Out transaction with the Paid From Account set to 'Directors Loan'. In this way Solar Accounts will keep track of the VAT amount (unlike a General Transaction). If the payment does not include VAT, set the VAT rate column to 0%.
When the company reimburses you for the payment, record a General Transaction from the Cheque Account to the Directors Loan account.
Regards,
--
Mark McLaren
Solar Accounts
