Hi all,
i'm working for a small partnership. I'm fairly new to book keeping and quickbooks.
The partners have debit cards which they occasionally use. Im seeking advice as to how to track and pay their usage of their debit cards in QBs.
Would/can you have a separate account for debit cards? Sort of treat it like a credit card account which is then ;paid off end of the month ? Or is it best to just add the transactions directly into quickbooks as you go along.
At the moment, the first I see of what they have spent is when I receive the debit cards' bank statement at the end of the month. I then have to go chasing up for receipts so that I can add it to QB and also assign the payment to the right account. The partners are not always handing receipts to me despite my reminding.
Thanks.
You could set up a separate account(s) for the debit cards, but I would be inclined not to bother as debit cards are linked to the bank account anyway unlike a credit card where you have separate statements. I would add the transactions directly to QB as you go along. If they are not giving you the receipts you need to keep reminding them and stating that if you don't get the receipts then you will have to treat the expenditure as drawings which will increase their tax bill....that should motivate them into action!
