Bank Withdrawal Slips

colin1623

My boss has withdrawn funds from the Bank in cash to pay for expenses. My problem is, is that he’s no invoices to show for the amounts, and I have cross referenced the invoices recorded on sage and the value’s don’t match the amount withdrawn.

Please can anyone advise me what to do so I can make the accounts balance?

Thank you in advance for your consideration and assistance in my dilemma.

AAT Student

Louise89

If you do online banking, on the bank statement there would be a reference and how much cash was taken out, otherwise wait for a paper statement.. you could use that along with an expense journal and receipts?

Bear in mind he may also be carrying around any change from the cash purchases which could account for the difference.

colin1623

Hi Louise

Thank you for your response, I've checked the bank statement for the withdrawal but the idiot doesn't have any invoices to show the reason for taking this money out of the account.

I checked it's not for drawings, said he either made purchases and forgot receipt/ invoices or was to pay subcontractors but I've no records to back either options so I'm mega confused as to what to do.

CL

coojee

colin1623 wrote: »

Hi Louise

Thank you for your response, I've checked the bank statement for the withdrawal but the idiot doesn't have any invoices to show the reason for taking this money out of the account.

I checked it's not for drawings, said he either made purchases and forgot receipt/ invoices or was to pay subcontractors but I've no records to back either options so I'm mega confused as to what to do.

CL

If he hasn't got invoices or receipts to back it up then you've no choice but to post it to drawings. He won't like it but you can be sure he won't do it again.

totleyblade

Bank Withdrawal Slips

I can sympathise with you on his one. Whilst it is difficult to advise you to do anything else than post the
withdrawals to drawings, in real life the boss is still the boss and if he wants the expenses to go through the
accounts at the end of the day its up to him. You can only advise him. There may be a compromise, try writing out a dummy invoice with the expense analysis on it, ask your boss to sign it and advise him that he will be responsible if
he ever needs to back it up. You've done what he has asked you to do, covered your back and kept your job at the same time. By asking him to sign or initial the paperwork it might just jog him into sorting it out properly!

KaySarah

.

If your Boss used the funds to pay "sub-contractors" he'll need to be careful not to fall foul of HMRC - as all subcons require HMRC Verification prior to being paid anything - and these get reported to HMRC monthly via your CIS300 .. unless he was paying an amount "on Account" to previously verified subbies - in which case he will need to give you the details so you can ensure the amount he paid O/A is deducted from their next payment.

If, however it was just for small incidental purchases, you can make out a Petty Cash voucher and make him sign it, like Totleyblade suggested.

Hope this helps.