Just set up QBO Accountant as have taken on two new clients who use this software.
Looking to how best (or the only way?) to key business expenses that the Director has paid for personally. Non VAT ones I can journal easily, but this does not appear to be an option for VATable items as there is no way to include an amount as VAT included, as far as I can.
Option would appear to be a dummy Director's bank and clear from his DLA in bulk say once a month.
Just wondering if I am missing something in this software? Is there another way to do this more easily?
Thanks
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
As you know I'm not familiar with QBO but having a quick scout round a DLA bank account would be your best option. Would you have to clear it once a month? I'd be minded to clear it at the end of the year and just treat the DLA bank as the DLA until year end.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Hi John Well according to their Accountants technical helpline I cant put the expenses through as they are clearly not business ones if paid for by the owner/Director! I would if that wasnt such bad advice!
Its just that I (stupidly) thought they must have cracked it and come up with a great way of doing it, especially given all the Accountants etc who sing the praises of the software. There may also be an issue with vat on journals although Im not sure if they were giving me more duff info, or its just you cannot do VAT inclusive journals.
Thanks for having a scout around. Tis appreciated!
I already have a DLA with entries in it, plus now the dummy bank DLA. With QB the dummy bank one will only ever sit in the current assets side of the balance sheet, whether its in debit or credit!! (At least with other software you can mark a bank as a floating account so it reports in the correct place!)
This client does a monthly 'expenses' sheet so kind of makes sense to add the reconciliation of the dummy bank in to the process on a monthly basis and then just shuffle it across the the DLA at that point. Its only a couple of minutes of a job and he can see the total DLA reported via one account/in the correct part of the books on his mobile.
Thanks again.
__________________
Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
