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!
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