Ltd company - Do I need to record each fuel supplier?

New user - Ltd company
If I purchase, for instance, petrol from Tesco, do I set up Tesco as a Supplier? Is there any help videos on how to record transactions as a limited company?

Hi @AGalea

The short answer is - it’s up to you.

Generally, you can get away with recording them as a generic supplier (e.g. “Fuel”) providing you can easily identify where the transaction took place. Always ask yourself the question, “if HMRC asked me about this transaction, could I easily find the information to tell them?”

Creating a purchase invoice with details of the place, and attaching a copy of the receipt/invoice is always useful in this case, more so if you’re VAT registered.

Hope this helps!