I am looking after a partnership business books and have had a load of receipts for fuel from both partners, splitting out who's receipt is who that have gone through the business account.
How would you think that this could be recorded? I was thinking adding 2 nominal codes around the 7300 range,7300 partner 1 fuel expense and 7301 partner 2 fuel expense.....
They have also got receipts for own cash used for fuel, so could just add to the same nom code but add 2 x bank accounts on sage and put it through as that?
Just want to add, equipment purchased for catering that is not chargeable but too small for asset, i.e plates, small freezer, cutlery...add to 7101 or an 8200 range?
Any help is always appreciated.
Thank you
-- Edited by jaybag on Saturday 10th of January 2015 11:12:25 AM
I do think its useful to have sub codes for each partner, as they may need different personal usage disallowances. You could create 73001 and 73002 for fuel. 73011 and 73012 for repairs.. and so on.
If you have two partners using their own cash for business costs, I would set up a bank account for each partner, and the balance of this can be transferred to capital introduced each month (or at the year end)
Small equipment could be 7800 - perhaps rename to "repairs, renewals and maintenance".
