Shared fuel costs

Hi. I am self employed. I work with someone also self employed and we share the same vehicle. I use a fuel card to pay for ALL fuel purchased as it is 100% business use only. The other person pays me for half the fuel purchased. How do I show this simply and neatly on Quickfile?
Thanks in advance.

Hello @Adrian777

Create a new merchant account called fuel card in your Banking screen.

You will enter 3 transactions into here (Example is £100 fuel split 50/50).

  1. The payment for the fuel = Money Out £100, tagged as "Something else not on this list "
  • Description is “Buying fuel”
  • Post to Nominal is “Fuel and Oil 7300”
  • Amount is total paid (100%)
  1. Your contribution = Money In £50, tagged as "Bank transfer between accounts "
  • Transfer from Account is where your contribution comes from (business current account)
  1. Your Colleague contribution = Money In £50, tagged as "Something else not on this list "
  • Description is “Colleague contribution”
  • Post to Nominal is “Fuel and Oil 7300”
  • Amount he/she paid (£50)

Your accounts would show
£50 leaving your bank (1200)
You paying £50 for fuel (7300)
You have backing data to show £100 fuel bought and your colleague paid £50

Please be aware I am not and accountant nor bookkeeper and I may be worth running it by yours first.

Surely the simplest way is to just invoice them for 50% of every fuel bill you enter?

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