Help offsetting Personal receipts in Sage

columbia

Hi all

I am currently helping out my cousin by inputting a years worth of data into Sage for her husbands business.

I am virtually there, but I have come across about 30 receipts for goods purchased for the business, of which the cards used are personal credit and debit cards.

Can anyone suggest the best way to show these transactions accurately within Sage.

I have a few thoughts in mind, but would appreciate what anyone else would do before I start inputting them.

Thanks in advance.

Tracy

Jan

I'd do enter the receipts as supplier invoices. Then a supplier payment from bank and a bank receipt and post to capital introduced. The bank entries will contra out and you will have the various purchases posted to the correct nominal.

columbia

Thanks Jan

Sorry for not replying sooner, I was allowed out without the children yesterday, and escaped to a concert!!

I was thinking along the lines of setting up a bank account in the nominal and offsetting receipts to capital, once my brain has recovered from the loud music still reverberating around my head, I will look into your suggestion, as it sounds simpler than mine!

Thanks for your help, I will let you know how it went.

Tracy

trini

Hi Tracy,

I come accross this type of transactions every day, even though I advice the clients to use the business bank account for purchases, as to make bookkeeping easier, they just dont understand how double entry bookkeeping works and would not listen.

This is the way I would do it.

Journal debit - receipts to the purchases/expense accounts in the nominal ledger
Journal credit - capital account with capital introduced by the owner

OR

set up a bank account in the NL and call it eg. smith loan account
credit - smith loan account
debit - purchases/expenses (receipts).

Hope this helps.

Trini.

columbia

Thanks a lot Trini

That was the way I had initially thought about doing it, although Jans suggestion is also very good.

I was a bit hung over yesterday so didn't actually do any inputting! so I will do a draft run to see which method is the easiest to implement.

Thanks guys

Tracy