Firstly apologies as I’m sure this has been discussed many times. I’ve done my upfront research and most of the chat seems pretty old and unclear to me due to multiple approaches taken in each post.
I am a director of a ltd company. I pay for expenses out of my own pocket and would like the company to reimburse me on a monthly basis. I currently create an excel spread sheet which contains all the info per month, but I need to be able to do this now on Quickfile.
The expenses include a mix of mileage/hotels/food mostly. I’ve seen mileage can be tracked separately? but this would mean spliting out mileage from my other expenses. I really want to keep a monthly track of ALL EXPENSES and pay them under one “invoice”. I dont want to split all line items out and track through year.
A number of approaches have been found on the forums but none make sense.
One includes making my self as a supplier then making a payment to that supplier each month. However I believe this can create issues with reconciling the account or something, unless it comes from the Directors loan?..This is where i get stuck. What makes sense is that I can make myself a supplier, but I wouldnt know what general code (nominal code?) to use, then the mechanism for paying and tracking get confusing to me…with all the discussions on loan accounts, new accounts and reconciliation…it used to be much simpler when i did it in excel?!
I am pretty new to this, I have an accountant, but they only use Xero, so are of no help in the details on this. I want a straight forward way to raise an expense against my company each month and pay it without difficulty. Any clear solutions would be greatly appreciated.