accounting for petty cash in VT cashbook

[ratfan]

Can someone please advise me how to account in VT cashbook for expenditure that I (as Director and sole employee) incur on very minor purchases which I pay for out of my pocket in the first instance?

I need to know how to enter it, and then account for taking it out of my petty cash float (ie which analysis ledger and account do I choose). At the moment it is double accounting so I am doing something wrong.

Plain and easy instructions would be appreciated as I am only a struggling beginner! Thanks very much

 

[Scalloway]

I would keep the record of petty cash expenditure separate and give it to your accountant to incorporate in the year end accounts.

 

[birdman]

I would create a new bank account called 'Directors Cashbook'. All payments that you personally make are then made via this account and when you take the money out of your petty cash float all you need to do is a transfer between the two accounts.
The balance in the 'Directors Cashbook' will always show the amount owed to you.

 

[MyAccountantOnline]

Can someone please advise me how to account in VT cashbook for expenditure that I (as Director and sole employee) incur on very minor purchases which I pay for out of my pocket in the first instance?

I need to know how to enter it, and then account for taking it out of my petty cash float (ie which analysis ledger and account do I choose). At the moment it is double accounting so I am doing something wrong.

Plain and easy instructions would be appreciated as I am only a struggling beginner! Thanks very much

I'd set up a new bank account and call it 'directors loan account' and use that for all payments you make personally on behalf of the company.

 

[pendipidy]

Hi guys,

I noticed you said you use VT cashbook. I do too and i wondered if you could answer a question for me about it. I want to copy a transaction to make it reaccurring each month. I have followed the help instructions for this (edit transaction, copy, select date....etc) but then it says in the help to select the time period to copy in (every week, month etc) but this is greyed out and i cannot select it . Can you see what i mean on yours. Is it greyed out? How can i do it?

Thanks! Hope you don't mind me asking!

Jill

 

[MyAccountantOnline]

Hi guys,

I noticed you said you use VT cashbook. I do too and i wondered if you could answer a question for me about it. I want to copy a transaction to make it reaccurring each month. I have followed the help instructions for this (edit transaction, copy, select date....etc) but then it says in the help to select the time period to copy in (every week, month etc) but this is greyed out and i cannot select it . Can you see what i mean on yours. Is it greyed out? How can i do it?

Thanks! Hope you don't mind me asking!

Jill

Hi Jill

I dont think its a feature you can use in Cashbook - I think its one which only comes with the full paying version ie VT Transaction.