A bit new at this. My daughter is an international sports person. I’m trying to use this to run her sport a bit like a business - to keep track of expenses and income from sponsorship/advertising. I have couple of questions.
If we purchase something for her for training, and once it arrives we record it in inventory (eg shotgun shells or targets) what do we do to take it out of inventory as she uses it?
Secondly - she has two accounts. One is the registered account with the government dept for receiving donations. The other is her operating account.
When we move money from one account to the other, what is the correct way of recording it moving out of her donation account, and into her operating account?
Moving money between accounts is different to paying an invoice or being paid for an invoice obviously.
Also, we pay for quite a number of her expenses out of our own pocket. What is the best way to track those? Do we use expense claims, but not pay our selves out of the operating account?
If the values warrant the tracking by Inventory then activate the Inventory Write-off tab under Customise then you can make the required adjustments.
If the movement of the money is done by Online Banking then use Transfer Money
If the movement is done by cheque then you need to Spend Money from one Bank Account and Receive Money into the other Bank Account.
But a question could be why do you need to have the two bank accounts - why can’t the registered account and the operating account be the same.
Yes, and you could rename Expense Claims account to “Parents Support”.
I will ultimately look to one account, but at the moment there’s an account in her name registered with Consumer Affairs for the purpose of receiving donations.
The other is the account that we move that money into, and which receives income from advertising on her website, sales of other items etc.
The inventory write off tab was what I suspected after playing around a bit. Usually online banking. I’ll go looking for the transfer money option.
You don’t necessarily have to use inventory for your consumable sports supplies. Inventory normally involves goods held for production or sale. You could just expense these items since they aren’t held for long or sold.
If I use Expense Claims (and rename it to parental support) if I reimburse us for some of the expenses (but not all) how do you reimburse and expense claim?
It would seem to be useful to have an additional button at the top of the expense claim to undertake the reimbursement (like receiving money on the sales invoice.)
Also, how do we rename the Expense Claim tab to Parental Support as suggested please?
Go to Settings - Chart of Accounts and click edit next to Expense Claims and over type.
Also, you need to go to Settings - Expense Claim Payers and set up “Parents” as a Payer
To do a part reimbursement you would Spend Money with the Account = Parental Support.
PS: you are re-naming the Summary - Expense Claim account - not the tab itself.
Hi, I know this was a while back. It all got a bit too hard to get my head around and I was distracted by the Olympics so I put it aside. Now I’m trying to catch up on 3 months of book keeping
If I go to Settings - Chart of Accounts, there is no “Expense Claims” to click edit next to. Do I have to turn that field on somewhere else? It must be there as I’ve added two people to the expense claims system - myself and my daughter.
