Current Account Purchase + Cashback, how to post the cashback

Accounting
1

Hi

I have uploaded and tagged a receipt for the purchase amount. I then uploaded the bank statement and while reconciling noticed that there was £20 cashback (which would have been used for petty cash).

I have tried going to the purchase record (which has the tagged receipt) to add another category but there is no option for petty cash (just directors remuneration). I have also tried tagging from the bank statement but there is no option to split the transaction between a purchase and a drawing.

I think I am missing something. I am hoping someone can advise as this is my first year with Quickfile.

Many thanks in advance
Kat

2

Just to get this straight, you made a purchase and paid in full from your current account, let’s assume this was £70. The supplier then paid you back £20 in cash, which you are then keeping on hand as petty cash?

3

Tag it as other income

4

I bought business items (£70) at the supermarket and asked for cashback which is being held for petty cash (£20). So £90 in total coming off the bank account. thanks

5

If this is just like a cash withdrawal from your bank account, you would need to split the £90.00 leaving your account into two lines:

  1. £70.00 - Tagged to the purchase invoice
  2. £20.00 - Tagged as a transfer from your current account to your petty cash account

This would then show the purchase invoice as paid in full, and £20.00 in your petty cash account.

6

Thank you for your reply. I know where it should be however I am struggling with the physical tagging of the £20 transfer. Can you please point me in the right direction?

7

If you click ‘Tag me!’ on the £20 line, and select ‘transfer between accounts’, you should then be able to select your petty cash account.

That then creates the corresponding entry in the petty cash account for you to show it as a withdrawal

8

Ah okay. As I was tagging from an uploaded bank statement there was only one line for the £90. I have the £70 tagged to the receipt therefore my next step will be to delete the £90 line and enter a new line for the £20. Unless there is a quicker way? Thank you

9

You would need to delete the £90 line and create a £70 line and £20 line for the invoice and transfer respectively.

Hope that helps

10

Thank you. I thought there might have been a way to tag the £20 and £70 separately from the £90 bank entry. Thank you for your help.