The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> Welcome to The Book-keepers Forum! -> How to treat personal expenses in Sage (for Limited companies)
Post Info TOPIC: How to treat personal expenses in Sage (for Limited companies)
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
How to treat personal expenses in Sage (for Limited companies)
Permalink  

Hello folks

I hope you can help with my query.

I am book-keeping for a Limited Company, They have put some of their personal bills - Gas, Water and Car Insurance (an the purchase of two sofas!!) - through the business Bank account. How would i account for these?  Would I be right in suggesting processing through the Bank and the Directors loan account and then letting the accountant decide at the end of the year what can actually be calculated as a proper business expense ( eg percentage of gas/water) at the end of the year?

Thanks for any help in advance

J biggrin

 



__________________

 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
Shamus


Forum Moderator & Expert

Status: Offline
Posts: 11981
Date:
Permalink  

Hi J,

welcome to the forum.

I concur with your treatment.

Dump to the DLA and then calculate the use of home allowance at period end.

kind regards,

Shaun.

p.s. for future reference this isn't really a Sage question. By specifying Sage it could have been missed as I for one generally don't even open those that say Sage in the title.

__________________

Shaun

Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
MarkS


Expert

Status: Offline
Posts: 1501
Date:
Permalink  

Hi J

Put to the directors loan account and either calculate a use of home adjustment at year end or leave a note for the accountant to say they should do such a calculation.

Regards

MarkS



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink  

Thank you Shaun for the answer and the good tip about 'Sage'. I reckon this site could become my new best friend.

Regards

J



__________________

 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
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink  

Thank you Mark.  Ive just realised I have two Directors loans already in Long Term Liabs,  which are holding balances for dividends the Directors take out at regular intervals (again for the Accountant to sort at the end of the year).   Should I open another Directors loan (just for the bills)? Plus should I list this in short term Liabs or does that not really matter at this stage?

 

Thanks



__________________

 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
MarkS


Expert

Status: Offline
Posts: 1501
Date:
Permalink  

Unless you know who the expenses relate to then would open up another directors loan account and put them to that and leave a note to the accountant to say what you have done.

Doesnt really matter if is under short or long term.  To be consistent with the other director loan balances i would put them to long term so all the director loan accounts are together.

Regards

MarkS



__________________

Mark Stewart CA

http://stewartaccounting.co.uk/

Providing accounting, bookkeeping, payroll and tax services to small and medium sized businesses across Central Scotland and beyond.
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> Welcome to The Book-keepers Forum! -> How to treat personal expenses in Sage (for Limited companies)
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