Purchase Invoices & Suppler Records

Hi All,

As a limited company on Flat Rate VAT Scheme or not registered for VAT as is currently the case, is there any reason to use supplier records & purchase invoices for overheads either directly paid by company or indirectly paid via employee expenses?

I was looking at the following two examples:

The first example makes use of creating a generic supplier record to create purchase invoices to. The second example suggests tagging banking transactions directly to a nominal code.

Is there any reason why I wouldn’t choose the second example and avoid the mess of generic supplier records and tons of purchase invoices if I’m on either Flat Rate VAT Scheme or not VAT registered?

As a newbie here I’m currently working on importing legacy data so would be nice as a non accountant to get some other opinions please…

Kind regards
Justin

Actually I think I’ve just answered my own curiosity on this as it seems you can only attach receipts to an invoice so it seems the first example makes most sense now.

Hi @justin

Glad to hear you manage to resolve this yourself. Please let us know if we can help further