Home For everyone Chat and off-topic discussion
Current updates regarding coronavirus (Covid-19) and the precautions AAT are taking will be continually updated on the below page.

Please check this link for the latest updates:
We hope you are all safe and well and if you need us we will be here. 💚


Help offsetting Personal receipts in Sage

columbiacolumbia Experienced MentorRegistered Posts: 580
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

Comments

  • JanJan Experienced Mentor Registered Posts: 654
    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.
  • columbiacolumbia Experienced Mentor Registered Posts: 580
    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
  • trinitrini New Member Registered Posts: 10
    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.
  • columbiacolumbia Experienced Mentor Registered Posts: 580
    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
Sign In or Register to comment.