DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

How to record payout of expences


#1

I have been using expense claims tab to record money spent by me to purchase goods for the company The expenses are logged against me as a payer and any number of the normal accounts I have set up eg. computer equipment, printing or insurance etc

The company now has some cash and I want to pay myself back but I am not sure how to record the payment.

Also when I run the report “Expense Claims Summary” all the columns show Zero - what is this report meant to show? I would have thought it would should the position of expense claims by person - is this correct?

Any suggestions would be good. I have tried the guides and they are silent on my issue and I can’t find anything on the forums. I am lost and not even sure I have recorded the expenses property at this stage.

Thanks


#2

If you are going to actually reimburse yourself, that is, take money out of the company to return to your own pocket, just go to the cash or bank account you plan to use and Spend Money. When recording this transaction, allocation the expenditure to Expense claims and your personal subaccount. This will reduce the Expnese claims liability. In other words, the company will no longer owe you as much money.

Those instructions assume you have just left the purchases in Expense Claims. If you have cleared that account to some equity or capital account, you will have to use a drawing account or allocate the payment to capital accounts. Specific steps will depend on how you are organized and your chart of accounts.

The Expense Claims Summary should list all Expense Claims Payers you have created, then show–for a defined period–the opening balance, claims, payments (including transfers to equity, etc.), net movement, and closing balance. In other words, it should give a summary of changes to the account of a payer.

Did you create payers first? If you have a capital account for yourself, you are automatically included in the list of payers. Otherwise, you must create yourself as a payer.