The Book-keepers Forum (BKF)

Post Info TOPIC: Advanced Payment of Expenses
KAZ


Veteran Member

Status: Offline
Posts: 70
Date:
Advanced Payment of Expenses
Permalink Closed


I am advancing a consultant £5k for expenses but am not sure which vat code to post it to? If I post it to T9 and the receipts come in for T1/T9 there is going to be a conflict.  Any ideas?

__________________


Veteran Member

Status: Offline
Posts: 81
Date:
Permalink Closed

I'd put the £5k to prepayments T9, post the actual receipts to the relevant expense codes then with the correct vat code then do a T9 journal between the actual expense code and the prepayment code.

This will show in your accounts that you have made the advance/prepayment, show it being repaid or claimed back and show the expenses in the correct place with the correct VAT code.

Hope that makes sense, let me know if not.

__________________
KAZ


Veteran Member

Status: Offline
Posts: 70
Date:
Permalink Closed

What a star you are, thank you! biggrin

__________________


Expert

Status: Offline
Posts: 1963
Date:
Permalink Closed

I think this may only be an issue if you are using cash accounting for vat, in which case I may be inclined to wait until the expenses come through!

__________________
Rob
www.accounts-solutions.com
KAZ


Veteran Member

Status: Offline
Posts: 70
Date:
Permalink Closed

You are right, this is the first time I've come across it.

__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.

Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About