How do I record accidental purchase with personal card?

[norwichlad]

Hi,

I am hoping that there is somebody on here who may be able to help with a simple query which has me stumped but is probably a ridiculously common question for any accountant. I do have an accountant but it is out of hours so if anybody out there could be kind enough to answer it for me I'd be very grateful!

I have made an accidental purchase of stock with my personal debt card. That wiped out my current account and I needed that money in there to cover some standing orders so I logged on to my business account and transferred the exact amount across to my personal account as reimbursement. Obviously I have retained a paper trail should I ever be audited and I don't envisage any problems there.

But I have absolutely no idea how to action this in my bookkeeping software, I don't want to get in any trouble. I use clearbooks.

Does anybody know how I should record this entry? Usually stock purchases just get recorded as a 'cost of sales' entry, but I'm worried about whether recording a transaction to my personal account as a 'cost of sale' is the incorrect way to go about things here. Is there something more complex that I should be doing?

Would be grateful for any responses!

 

[Bob]

I believe in the KISS solution. Treat the transfer as you would have treated a cheque payment from your business account

 

[faradaykeynes]

Dr Purchases (cost of sales)
Cr Director a/c or capital a/c

Dr Director a/c or capital a/c
Cr Bank

 

[Bob]

Dr Purchases (cost of sales)
Cr Director a/c or capital a/c

Dr Director a/c or capital a/c
Cr Bank

...or follow the KISS solution