How to show cash purchases in sage for a sole trader?
Simon
Registered Posts: 8 Regular contributor ⭐
Good morning from a very new newbie. I love the forum and the interesting subjects that come up. Its so different from social security benefits!
Anyway....
A quick question which should be simple for the right person please, How on earth do I input a cash payment on sage 50 for items such as stationary, security equipment and the like?
I thought it should be a straight bank payment however, the cash did not come from the bank but the traders personal pocket.
I am sure its simple, it cant be hard, can it?
Thanking you in advance.
Si...
Anyway....
A quick question which should be simple for the right person please, How on earth do I input a cash payment on sage 50 for items such as stationary, security equipment and the like?
I thought it should be a straight bank payment however, the cash did not come from the bank but the traders personal pocket.
I am sure its simple, it cant be hard, can it?
Thanking you in advance.
Si...
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Comments
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Dr Expense, Cr Drawings0
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Or, if you are not happy with posting it as a journal and want to use the Bank module:
Post as a bank payment from the "Petty Cash" account.
Post a bank receipt to the Petty Cash account and Capital Introduced.0 -
Or set up a new 'bank account' on Sage called Personal Bank and pay it from there.0
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guess also it depends on how you are going to use this expense in the accounts- ie do you want to show it in the Balance SHeet or is it just a question of keeping tabs on what the personal expenditure is? If just a simple Profit and Loss then not really so important where you CR0
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Thanks all for the replies.
The cash payments are cash introduced to the business so I have started using journal entries DR expense NC 7502 as most is stationary and CR capital introduced nc 3010.
I think that should cover it.
Advised that a bank account should be opened!
Si...0
