From time to time one of the partners in our business travels on behalf of a customer. Expenses such as fuel, subsistence etc are paid from his personal bank account and he gives the receipts to the customer (a limited company) for reimbursement into the personal account. Recently the customer paid the reimbursement into the partnership’s bank account by mistake. How should I record this on Quickfile? And is it better to carry on paying/reimbursing via personal account or should it be done through the business records? The partnership is VAT registered (flat rate).
We can’t provide advise on the best method. Although with regards to the reimbursement into the business account, transfer the funds to the partner’s personal account and simply tag both the money in and out to the partner’s loan account.