Miscellaneous Expenses

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1

Hi There,

I’m just about to file my first corp tax return and have been showing my quickfile account to my accountant.

My quickfile is linked to my barclays account which brings in personal expenses payments as a single transaction which I have been tagging as ‘miscellaneous expenses’. Apparently this is wrong as my return will show a big number in misc expenses (we buy everything for the business through our personal accounts and claim it back).

So I need to go back and apply multiple tags to these transactions. Can you tell me how I can do this?

Thanks for your help.

Ben

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2

You will need to find these transactions on the bank detag and then tag them again as payments made by a client.

3

Hi Glenn,

Thanks, yes I have already done that however it comes through as a single amount for expenses and I need to break it down to apply to various nominals, However I notice that I can only split and apply to multiple suppliers and given that these are expenses, suppliers are not really relevant right?

Thanks

Ben

4

You could transfer the full amount to one nominal account and create a journal to move the balances to a bunch of other nominals. Your accountant should be able to assist with that it’s a fairly standard practice. Alternatively you could split the amount up on the bank, i.e. delete the lump sum and enter the amounts that will be allocated to the different nominal accounts.

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