IF YOU RECORD A PURCHASE AS AN ASSET AND HAVE PAID FOR THIS IN CASH DO YOU STILL TAKE IT FROM THE CHEQUE ACCOUNT
ALSO DO YOU HAVE TO PUT A PURCHASE INVOICE THROUGH
Hi Betty,
No, you should not use 'Cheque Account' - instead, set the Paid From Account to a cash account (such as Petty Cash or Money To Be Banked).
You don't need to record a purchase invoice - just create a Money Paid Out transaction with the Type field set to 'General Payment'. You can then allocate directly to the appropriate expense account in the table. Here's an example of such a purchase:
http://www.solaraccounts.co.uk/help/how-to-record-an-expense.php
Regards,
