Question asked by Jill Wyeth 10 years ago
If I pay for items using personal Cash- rather than entering numerous small entries which is what I'm doing now - can I enter a weekly-monthly amount for petty cash for things like small travel expenses & lunch drinks etc .
I am a sole trader photographer??
Any advice
As an accountant I do personally prefer to see separate transactions.
However....
You could create one single supplier (called cash transactions for example), creating a single bill come week end with various lines for the different expense types. It would look something like this:
Best answerHi Jill,
You may want to check this over with a qualified accountant, the system will allow you to group up similar types of transactions as one however it might be best to create separate transactions for each expense as much as possible. As for using personal cash - you could create a petty cash account on the Money>Bank accounts menu and pay for the expenses from this account and then transfer the money owed from your business account to the petty cash account as and when you pay the money back.
As an accountant I do personally prefer to see separate transactions.
However....
You could create one single supplier (called cash transactions for example), creating a single bill come week end with various lines for the different expense types. It would look something like this:
Best answerKevin! As an accountant... you have even done double-entry on your answer lol
You must 