How to deal with missing receipts?

When tagging all my transactions i find that i am missing a few low value receipts ( 4 under £25), it’s impossible to get these from the suppliers as they are retail outlets. How do i deal with them in QF, should i just create purchase invoices and tag the payments out of the bank to them and that’s the end of it or should i deal with them a different way to satisfy my accounts and tax man?

Kind regards,

I’d suggest asking your accountant if you want a definitive answer.

If you’re self-employed the simplest approach may be to tag the bank payments as transfers to the proprietor drawings account, thus treating them as personal (rather than business) purchases that you happened to pay for from your business account. It means the purchases are no longer tax-deductible but for the amounts you’re talking about it’s probably not worth the bother.

If you’re a limited company then I guess the equivalent would be to tag the payments as transfers to Director’s Loan but I’m not so familiar with ltd co book-keeping.

Thanks for the reply, i was guessing that i’d tag them as something non deductable myself (limited company), as you say, for the amounts it’s not worth the hassle, it’s just i wanted to know going forward and of course its always best to have everything watertight :smile: