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Post Info TOPIC: How to record personal card transaction.
DesignmikeUK


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How to record personal card transaction.
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HI there, I hope somebody here can help me.

I have a Photography business which is a partnership with my brother.

Im doing the books and there are transactions he has made through his personal bank account card for the business. We do have a business account but he did not have it with him at the time so he used his own.

How do I record these transactions in the business accounts?

 

Many Thanks in advance

 

Mike



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gbm


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Hi Mike,

The easiest way is for the partnership to reimburse your brother for the amount he paid personally. You can then treat this payment from the partnership as payment for the business expenses.

An alternative would be to start messing around with journals and your capital accounts, but the first option, as mentioned, is the easiest.

HTH


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Nick

Website: www.gbmaccounts.co.uk
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DesignmikeUK


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Hi Nick

That sounds like a good solution to me. How would I record this in my books for my accoutnat to understand?

Cheers

Mike

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Stardoe


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Hi Mike,

I would set him up as a supplier and post the receipts to the supplier account as a normal invoice (DR expense CR supplier account) and then pay him back via the bank account (DR supplier account CR bank).

Pauline

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Pauline
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