I’m currently working jointly with my wife on a shared project; sometimes it’s easier for me to pay the full travel expenses for us both, and she later repays me her half. How should I enter both the expenses and her 50% repayment to me?
Thanks,
Alex
Hello @alexr
Do you have your Wife set up as anything in QuickFile already?
It may depend on what the joint project is?
For example if you are both photographers and she is providing a service for you, she could be a supplier in which case you invoice her and pay her (credit her expenses)
If you set her up as a nominal code (Direct Expenses/Overheads) you could for example
post money out for train fair, and money in when she reimburses you, tagging it directly to the code.
As I am not a registered accountant nor bookkeeper it may be worth checking which is best for you before proceeding.
If you don’t have an accountant, we have a panel of accountants to choose from, for more information, please see the following link:
Thanks Steve - no, I don’t have her set up in Quickfile. We’re working on a joint book project (me photos, her words). I’m VAT registered, she isn’t, but since we’re talking solely about travel expenses which are zero-rated, that shouldn’t be a problem.
Alex
Hello @alexr
This may be the better way to do it then
If you set her up as a nominal code (Direct Expenses/Overheads) you could for example
post money out for train fair, and money in when she reimburses you, tagging it directly to the code.
For example 2x£50 tickets
Record money out transaction on the bank. (£100)
Tag it to nominal 7400 (Tarvel)
Record Money in transaction on the bank. (£50) - when she reimburses you
Tag it to nominal 7400 (Tarvel)
The net effect on travel expense code is £50
You could also record it via a supplier
For example 2x£50 tickets
Supplier invoice (Virgin 2x£50 tickets) to 7400 (Travel)
Record money out transaction on the bank. Tag it to the invoice
Record Money in transaction on the bank. (£50) - when she reimburses you
Tag it to nominal 7400 (Travel)
The net effect on travel expense code is £50
Note benefit of doing it this way would be you could tag it to a project to keep tabs on the joint venture
https://support.quickfile.co.uk/t/projects-in-quickfile/8858
As I said there are lots of different ways to record this, run it past your accountant for the process they would want you to use.
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Thank you very much - that’s really helpful!
Alex
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