Entering Petrol Receipts

[trevorgoldon]

I use a car for business that is also used for personal use. I record the miles for business use, so I can claim per mile (0.45p)
I have brought some of the petrol using my business debit card, should I enter these receipts as drawings? Or is there a certain category I should be using?
Also after doing a bit of research, I understand I should not be using the business account for these purchases, is this correct?

Thanks.

 

[elaine@cheapaccounting]

Just want to check - Are you a sole trader or limited company.

Are you vat registered or not?

 

[trevorgoldon]

I am a sole trader and not VAT registered.

 

[elaine@cheapaccounting]

Yes post to drawings then for these petrol receipts

 

[trevorgoldon]

Thanks for the quick reply, so should I not buy petrol with my business account in the future?
Another quick question regarding this. I am using Intuit Quickbooks to keep track of mileage and mileage reports, does anyone know how to get the mileage to show under profit and loss report, or do I have to do the mileage report separately?

 

[elaine@cheapaccounting]

If you are paying yourself mileage then petrol should be purchased from your private funds as the mileage rate covers you for these costs.

As regards posting

debit motor expenses
credit capital account

 

[trevorgoldon]

So do I debit motoring expenses and credit capital account each time I record miles? or just once at the end of the tax year?
Do I need to do a journal entry for this?

 

[Questions&Questions]

Do it as often as you like. I prefer monthly...