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How do you reconcile expenses?


#1

Hi Guys,

On Quickfile I have just paid myself for 6 months worth or unclaimed personal expenses.
I have uploaded the bank payment to Quickfile but cannot see or work out how I can actually reconsile it to all of the individual payements.

I have had about 6 attempts and had to delete each one as i cannot work it out?

How do you do it.

There are about 50 individual claims all which were entered in the past - all marked as unpaid …
Now I have one entry for Money Out for £560

How do I reconcile the 560 to all of the 50 odd payments?

Please help need this done ASAP.

Thank you.

Fanflame


#2

Hi @Fanflame

With the purchase invoices on the account, are they all the same supplier or various different ones?


#3

Hello Thanks for the reply,

They will mainly come under:
Expenses: Approved Mileage

But there are probably a dozen entries for car park charges and coffees bought at customer meetings etc.

Thank you

Fanflame


#4

Personally, if I was running a separate milage account I would do two transfers.
I just treat the transfer as a pre-payment and then clear the invoices from the outstanding credit manually


#5

If the unpaid purchases are all for the same supplier then you can just tag the money as “payment to a supplier”, pay down multiple invoices, and mark them all paid in one go.

If they’re registered in QuickFile as different suppliers then you can’t do it like this directly as one payment can only go to one supplier. In this case you have to use a separate bank account in QuickFile (which could just be the drawings/director loan), log all the payments from there and then mark the reimbursement as a transfer from your current account to this account to balance things up.

In fact, it’s more accurate to do it this way as you go along anyway - you should log the payment when it was actually made, but from drawings/DL to signify that you used your own money rather than that of the business. The repayment is then a transfer between accounts as explained above.


#6

Hello Ian,

Thank you for your comprehensive answer. I have now done as you suggested although my reconciliation is now out of sync. I will have to go through it and work that one out now!

Thanks for your help.

Fanflame