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Credit invoices and out-of-pocket expenses - background
- There are three types of purchase you are likely to incur on behalf of your business:
- A invoice paid for by the business
- A purchase using cash or a personal debit/ credit card (a "Cash Expense").
- You use your own car to make a business trip (a "Mileage Claim")
- Cash expenses and mileage claims are recorded on the page called My Purchases.
- For invoices paid by the business, you have two options:
- (1) The easiest - when the payment of the invoice appears on the bank statement, analyse it there.
- (2) More complicated - Enter the invoice details when you receive them in My Purchases, and then match the payment to the invoice when it appears on the bank statement.
- If you are not sure what to do, talk to your accountant!
- If you go for option (2), the Add Credit Invoice functionality needs to be activated.
- There are three types of purchase you are likely to incur on behalf of your business:
- A invoice paid for by the business
- A purchase using cash or a personal debit/ credit card (a "Cash Expense").
- You use your own car to make a business trip (a "Mileage Claim")
- Cash expenses and mileage claims are recorded on the page called My Purchases.
- For invoices paid by the business, you have two options:
- (1) The easiest - when the payment of the invoice appears on the bank statement, analyse it there.
- (2) More complicated - Enter the invoice details when you receive them in My Purchases, and then match the payment to the invoice when it appears on the bank statement.
- If you are not sure what to do, talk to your accountant!
- If you go for option (2), the Add Credit Invoice functionality needs to be activated.
