Purchased an item from Argos for the business, cost £109.99. Paid for by £52.50 nectar points (personal) and £57.49 on company card (Ltd company). Any advice please on how to post this and tag the part payment.
If the Nectar card was registered in the name of the company I would suggest that the nectar card balance needs to be maintained under a separate bank account. As the Nectar card balance in your case is under your personal name then this technically is a loan to the company, so the £52.50 balance paid on the Nectar card should be treated as a part payment from the Directors’ Loan account.
If the points accrued on the card are the result of purchases made by the Ltd company then I’m afraid things become a little more complicated! This is my take, although I would always suggest running it by your accountant.
Thank you. That works for me as all points prom personal purchases; however think I will avoid doing this in future.
I am new to Quick File and not a finance person but so far think it is perfect for my circumstances.Unfortunately I have a different query but will make this a separate post.
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