I have looked through the forum posts but can’t find an answer and it’s just making me more confused.
I am trying to record business expenses I have paid from my personal bank account, and then re-imbursing them through a transfer from the company bank account.
My question is: what account do I record the expenses as coming from, and when?
Say, I paid an Advertising & Promotions expense - do I record it as “Advertising & Promotions” or “Capital Account > Owner > Funds Contributed”? Likewise, when I transfer the reimbursement from my company bank account, what account do I record that under?
To record those transactions you need to use Expense Claims tab, if you haven’t activated that tab go Customise under Settings, click on Expenses Claims then Update at the bottom.
Then enter those expenses with the appropriate account allocation. After the Expense Claim has bee created there will be a balance in the BS Liabilities Expense Claim account. To reimburse Spend Money with the account = Expenses Claims.
Enable the Expense Claims tab then go to Settings and create yourself as an Expense Claim Payer.
Enter the expense claims using the Expense Claims tab.
When you are reimbursed select the account Expense Claims Liability and your name as the Expense Claim Payer.
Thanks for your quick response guys, I hadn’t noticed Expense Claims under liability!
How do I allocate what account the expense should be under (eg. Fuel, Advertising & Promotions etc)
Allocate to any expense account that matches the purchase. Or create a new one if nothing is appropriate.