As the title suggests really... Ive been crash coursing myself with Quickbooks yesterday and i think by the end of my 5-6 hours in front of it I got the hang of posting invoices and 'cheques' (took a while to get my head around this one as i was posting cash receipts as cheques...?) but anyway, I found the inputting of mileage into the system straight forward (untill i saw the costs were wrong but self teaching helped change that to current rates).
My question is, how do i post this expense to the 'directors account' and then draw from this for use for car services etc... as i cant seem to see anyway to do it. Can anyone offer any ideas? Amanda?? ;)
Ahhh not a bad idea Ruth, but how does the double entry work from the fuel account to 'posting cheques' to directors account work? or doesn't it work like this?
If you do, say, a cheque posted to the director's account and select the mileage account for the expense account, it would debit mileage and credit director's loan.
To do the opposite, you could enter a deposit to the director's account and select the income account as where it has come from if the director has been paid cash for a sale made, it would debit director's loan and credit sales.
