Hi can anyone tell me what nominal code would be used for a personal purchase in Sage

dciccarelli

Hi my husband uses the credit card for nearly all the purchases for the business. On ocassion he will use the card to make a personal purchase. Is there a nominal code that I can use so that my credit card will reconcile at the end of the month.

MarieNoelle

Are we talking about a Ltd Co or a sole trader?

dciccarelli

Hi Marie it is a LTD company

MarieNoelle

Is the credit card in the company name or in your husband's name? How is it paid for - is it a DD from the business account?

dciccarelli

The card is in my husband's name and we pay for it every month via an online payment from the business current account to the credit card company. Thanks

MarieNoelle

In that case personal expenses should go to the director's loan account (assuming he is a director, you don't say).
Not familiar with Sage codes but should be in liabilities, creditors under 1 year.
Maybe someone working with Sage will be able to help?

dciccarelli

Okay thank you so much for your help. Yes he is the Director.

reader

I don't think Sage has a nominal code for director's loan account.

If it does it will be in the 1100's section (debtors) or 2100's section (creditors).

In Sage I create another bank account called Director's Loan Account.

I find it much easier to record out of pocket expenses that directors have paid using this method (i.e. just by doing a bank payment). I also find it easier to record any loans the director has made (doing a bank transfer into the Director's Loan Account). Salaries can be record by the bank payment function. I just find it easier to monitor when the Director's Loan account is overdrawn or when it is in credit using this method.

dciccarelli

Thanks for your help