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Post Info TOPIC: Mileage Expenses, but no fuel receipts or debits from the bank?
lesley_123


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Mileage Expenses, but no fuel receipts or debits from the bank?
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I have been provided with Excel spreadsheets detailing mileage expenses (per mile) to various business trips.

There are no fuel receipts and no debits from the bank account paying for fuel either.

I've asked for receipts but there aren't any... apparently all payments for the fuel were made personally and haven't been claimed back.

As far as entering the mileage expenses go into Sage... what shall I post them under???

Many Thanks.



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Just Fascinating


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Hi Lesley

 

I remember reading several discussions on this subject, one you might find useful is

http://www.book-keepers.org.uk/t49275203/mileage-allowance/

it's quite lengthy but worth reading as there are several variables such as is it for a Sole Trader / Ltd co, VAT reg or not, etc...

 

If you want to read other threads, I googled

http://www.book-keepers.org.uk+forum+mileage

 

For posting the mileage expenses I would 

DR motor expenses or similar &

CR: Drawings for Sole Trader or Director's loan account if Ltd or Cash/bank if reimbusing an employee.

Hope this helps.



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lesley_123


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Thank you. It is for a sole trader... I'll take a look and read all. Many Thanks.

He knows in future to keep all receipts!!!


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lesley_123


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Further to this there is a short fall...
The Expenses being claim come to £2909.19 and only £2759.80 has been drawn from the bank.
Not sure where or what to post the difference of £149.39 to... could someone please advise.

Many Thanks.


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Shamus


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Straight to the DLA (I assume that this is a directors expenses that we are talking about?).

The money is owed to the director but it has not been taken out of the company yet.

I'm seeing this a lot at the moment where the companies owe money to the directors for salary and travel but there isn't the money in the company to pay them so it just sits there as a debt until the company has the funds to pay.

HTH,

Shaun.

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Shaun

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kjmcculloch83


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As Shaun said, but rather than the DLA, it will be capital introduced. As a sole trader there will be no DLA.

Kris

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Shamus


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Doh! cheers Kris, somehow I completely managed to skip the 11:55 response.

Yes, as Kris says it's Capital rather than DLA but same principle.

kind regards,

Shaun.

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