Hi, looking for some guidance please, I could not find a definitive answer or information on the forums so hopefully someone can help. I am a freelance contractor with a limited company. I was recently employed by a company on a full-time basis (office based). Recently, I went on a business trip for them and they provided and paid for a hire car and hotel. I incurred some expenses in the form of meals and petrol for the hire car. I do not have a company credit card so used my personal credit card for these purchases. I’ve been advised by the company I work for to submit an expense claim via my limited company. 1) How do I add these expenses correctly in my Quickfile account? 2) How do I then send the expense claim to the company I work for? 3) How do I send a copy/image of my receipts along with my expense claim? I’m also assuming when they make payment, this will then reflect in my Quickfile account and balance out? Thank you
Thank you Steve, will have a look at that. Another quick question regarding VAT. I have registered for VAT but it may take up to 40 days to be registered. How will that work with my petrol receipts having VAT on them and claiming that back?
My VAT registration came through so problem solved!!!
When I create the purchase, do I leave it as “Unpaid” until I get paid from the Company or do I Tick it as “Paid” and select “Directors Loan Account”?
Thanks
Hello @Billy_S
Tick it as “Paid” and select “Directors Loan Account”?
When you get the money back from them, record it in the bank and tag it as a transfer to “Directors Loan Account”
Perfect, thanks Steve
Don’t think of it as “until I get paid from the company” - your company has already incurred and paid for the purchase, you should mark it as paid from the director’s loan account on the date when you paid for it.
Entirely separately from that, your company A has invoiced the other company B for the rebilled expense, and when B pays that invoice you’d tag it as “payment from a customer” in the normal way, presumably into the company A current account.
If (and only if) you choose to take back the money that you paid personally for the expenses, then that would be a separate transaction of a bank transfer from the company A current account to the director’s loan. Whether and when you choose to do that is entirely up to you, there’s no reason why you couldn’t take the repayment out of your own company A bank account now, even if company B hasn’t yet paid company A’s invoice. Ultimately all that will show up in your QuickFile P&L is the fact that your company A incurred some expenses, and then had some income from company B to offset those expenses.
Thank you Ian,
I have a new problem, hopefully you can help please. I signed up for the 2 week trial for the bank feed, everything worked great. The trial expired, so I paid the fee. I paid the fee using my business bank debit card. Took a day to show up in the transactions, I have tagged it but now everyday it keeps popping back in there. I removed the feed and re-added my bank but it still does it. Any ideas? My bank is Revolut
I’m guessing because the descriptions don’t match - if you edit the tagged transaction description to match the one that you’re getting from the feed and then delete the untagged one, it should stop it popping up again.
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