The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Cash purchases
Post Info TOPIC: Cash purchases
Vix606


Veteran Member

Status: Offline
Posts: 25
Date:
Cash purchases
Permalink Closed

Morning all

i have a client who very occasionally makes purchases for materials literally from the cash in his wallet, ie not from his personal a/c or credit card, what's the best way to account for these in Sage? I was thinking :-

Dr Petty cash Cr Capital Intro.

Dr Purchases Cr Petty Cash 

Also I need to set up an account for purchases he has made from his personal bank account and credit card, firstly am I ok to put the two together and just call the acc 'Proprietors payments' or something on those lines as he's a sole trader, and secondly is it easiest to do this by just renaming the bank deposit account and using that?

thanks smile 



__________________
Peasie


Expert

Status: Offline
Posts: 1707
Date:
Permalink Closed

Why not just
Dr Purchases
Cr Capital introduced ?

Saves an extra step and possible confusion.

__________________

Never buy black socks from a normal shop. They shaft you every time.

http://www.smbps.co.uk/
Vix606


Veteran Member

Status: Offline
Posts: 25
Date:
Permalink Closed

Thanks Peasie

I think I was over thinking it :)

Am I on the right track with the second part of my question? I just realised that I forgot to include the rather fundamental aspect of then doing a journal from Capital Introduced at year end to clear the proprietors payment account

__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> Cash purchases
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About