Question asked by Andrea Quinn 9 years ago

Hi I am trying to find the best way of managing expenses.

I currently do this quarterly and have lots of receipts (about 60pm) for 2 people. Historically I enter them on a spreadsheet under headings such as Transport/travel; Materials; Fuel etc. I have just finished this for this quarter but from the help guides I cant work out the best way to enter them onto Clearbooks. The expenses are a split between those coming from a company credit card and those that were paid with cash and need paying out.

Going forward is the best practice to manage the reciepts as they come in and enter them individually or has anyone had any experience of uploading credit card data into Clearbooks then just adding the cash ones manually?

Apologies for the many parts to this question!

Thanks for your help. Andrea

1 Reply

Hi Andrea

If everything is being paid for immediately [i.e. not on credit terms] then you could indeed just use the bank/card imports to recognise all expenses and then add the cash ones manually [either by adding individual bills or by quickly creating a petty cash statement and then importing it].

Two things you need to be careful of:

  1. Payments normally debit 2-3 days later if being paid by card or even a week or two later if by DD - you therefore might need to adjust these slightly come quarter/year-end to ensure the costs are in the correct accounting period. You also might have an issue if you're on invoice accounting for VAT purposes.
  2. Make sure you don't miss anything. By inputting all receipts you can at least rest assured everything is going into the system. If you stop doing that and you're essentially working off the bank statement and cash receipts it could be easy to miss a couple [ones where the director has paid for something personally for example].

It's all certainly do'able though.

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