Does anyone use quickbooks or is an accountant?
In the company i work for the members use their personal credit cards for the business. When it comes to paying back the cards they use a company chepue. This amount payed then covers purchases for the company and personal purchases. How does one enter this into the books?
Careers & Employment - 5 Answers
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Answer 1 :
When they use their personal cards, get the transaction record and the official receipt, to record...debit Advances to Officers/Employees, credit Accounts Payable. When they pay through the company check, debit the Accounts Payable then credit Cash in Bank...
Answer 2 :
It depends upon how your company treats the personal part of the purchase. It should be entered against a loan account for each employee and either they should reimburse the company, be deducted from their wages or treated as a benefit in kind and added to their P11d and then they are taxed on it. You cannot reclaim the VAT on these items.
Answer 3 :
All personnal should submit an expenses form with attached receipt of the expenses. Expenses should be authorised by a senior manager.Please make payment against the total of the expenses form. Accounting: (1)debit expenses in profit and loss account and credit Individual personal account (2) Debit Individual Personal Account and credit Bank ( when you pay the employee)
Answer 4 :
a former employee of mine is a a self employed accountant and an expert at Quickbooks, if you want his contact details email me
Answer 5 :
Debit the company expenses for the company part of the value (make sure you do the VAT element too) and debit an employee loan or expenses account for their personal expenses (again be careful about the VAT as this cannot be claimed back) and credit bank in the usual way. When they repay the money debit bank and credit the loan or expense account and as always be careful about the VAT.
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