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

dciccarellidciccarelli Registered Posts: 5
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.

Answers

  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,443
    Are we talking about a Ltd Co or a sole trader?
  • dciccarellidciccarelli Registered Posts: 5
    Hi Marie it is a LTD company
  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,443
    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?
  • dciccarellidciccarelli Registered Posts: 5
    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
  • MarieNoelleMarieNoelle Trusted Regular Hampshire/Surrey borderModerator, MAAT, AAT Licensed Accountant Posts: 1,443
    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?
  • dciccarellidciccarelli Registered Posts: 5
    Okay thank you so much for your help. Yes he is the Director.
  • readerreader Experienced Mentor MAAT, AAT Licensed Accountant Posts: 1,036
    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.
    MarieNoelle
  • dciccarellidciccarelli Registered Posts: 5
    Thanks for your help
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