Mistaken payment and return

Hi I mistakenly paid a personal expense from my business account and then 10 day later repaid it. How would I account for this for VAT purposes using quickfile?

There’s nothing to account for. When you made the personal purchase with business funds tag that as a transfer to drawings (if sole trader) or directors loan (if limited), then when you paid the business back tag that as a transfer back the other way. You borrowed money from the business when you made the personal purchase, you later paid back the money you had borrowed.


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