A debit card is like the old Switch card - it's like paying with cash - but with safety of a pin number. It is posted in the main bank account N/C 1200. When posting these payments use the ref. CARD - as it will appear on the bank statement.
also when I have an Invoice to post either supplier/customer and one invoice has different things on that need different N/L codes. In the ref column I always put there invoice number do I repeat that invoice number for that one invoice so its all grouped together when I look at the activity.
Does this make sense.
Zoe
-- Edited by zoe Taylor on Wednesday 10th of November 2010 09:36:40 AM
I open a new bank account called "debit card" and do an inter account transfer when a purchase is made.
I then keep a spreadsheet analysing the expenses and at month end -
dr expense dr vat cr debit card ac.
I find this useful for vat registered businesses as it helps me and the director/ owner keep track of missing receipts and therefore potentially unclaimed vat
-- Edited by ADAS on Wednesday 10th of November 2010 04:04:30 PM
__________________
Tony
Responses are intended as outline only. Formal advice should be sort from your Institutes Technical Department or a suitably qualified Accountant.
also when I have an Invoice to post either supplier/customer and one invoice has different things on that need different N/L codes. In the ref column I always put there invoice number do I repeat that invoice number for that one invoice so its all grouped together when I look at the activity.
Does this make sense.
Zoe
-- Edited by zoe Taylor on Wednesday 10th of November 2010 09:36:40 AM
Thats all I do, if you look in the supplier/customer account and select the invoice it will give you a break down of the nominals and amounts in the lower pane.
