Question asked by Richard Martin 8 years ago
I purchased some stock items and paid for them from my sole trader business bank account. Some of the items purchased were for my personal use (rather than for the use of my sole trader business).
How should I now account for this in Clearbooks?
I wondered about invoicing myself, but suspect that there is a better (or more correct) way to do it. Would welcome advice on this please.
Hi Richard - when you process the purchase, either as a bill entry or by explaining the payment, just split the entry into two bits.
So, if the bill was £100 and £30 relates to the private element explain £70 to the stock cost account and the £30 to "Drawings" account. If you are VAT registered and the total bill is £120 and the personal element £30, again put the £30 to drawings (no VAT) and £75 + VAT to the stock purchase account.
If you've already put the total cost to stock and the entry is now stuck, you can move £30 from stock cost to drawings by way of a Journal (Tools menu). Put the first line £30 as a debit to drawings and the next line as a £30 credit to stock purchase.
Best answerThanks Paul - I've now done that.
You must 