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Post Info TOPIC: Advanced Payment of Expenses
KAZ


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Advanced Payment of Expenses
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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?

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additionsbookkeeping


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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.

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KAZ


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What a star you are, thank you! biggrin

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RobH


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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!

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Rob
www.accounts-solutions.com
KAZ


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

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