This is regarding my own accounts! When with an accountant recently, she briefly mentioned having an account (like a credit card I think she said) for my out of pocket expenses (parking, networking costs etc etc) that I have paid. Then pay my self back the whole amount monthly.
Is this something anyone else has heard of? Is it a credit card type account that I want to create or was I hearing things (I don't want to go back to her!)
This is something that I do. I have a personal credit card which I use for most purchases and then repay it each month. Then have a petty cash float of about £50 for incidental stuff.
Should I create a credit card account in Sage though, even though I am not physically using a credit card so don't hasve statements. ??? The petty cash idea is a good one though
You could create an account in sage in the bank section. I think bank is 1200 so says 1210 or something like that. I have a client where we have done this as he has hotel expenses that he has normally paid on a personla credit card, then every so often he writes himself out a cheque from the company business to pay the credit card/ out of pocket exp account in Sage. He normally pays the creidt card bill out of his own personal account then re-imburses himself. Hope that makes sense. Forgot to say I don't see his personl credit card statements as they I always have a receipt from the hotel etc.
A
-- Edited by Amanda on Tuesday 21st of September 2010 12:11:35 PM
As the card I use is solely for business use I post the statement as a purchase ledger invoice and then when I reimburse myself I make a bank supplier payment from the relevant bank account
