Hi, I have added an amount of £66.40 IN to DL account and need to tag the payment as this or cash received. It was bascially where I have used company card for paying for food/drink at a meeting, but only want to claim for me, as attendees have given me the cash for their food. Therefor I wanted to add this as DL into the business to marry up?
Thanks
You would tag the card payment out of the company bank account as a bank transfer to director’s loan, then create a purchase for the cost of just your food (the actual expense that the company incurred) and log payment for that purchase from the same DL account. The net result will be that your food shows as an expense on P&L and the DL account balance goes up by the value of the other people’s food, i.e. this is money that you now owe to the company.
Thanks for this Ian.
How do I do this, if the payment hasn’t come from a linked account, but a credit card which I have to do manually?
There’s a button at the top of the bank statement view that lets you manually create transactions that can then be tagged exactly as you would with ones that come from an automatic feed.
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