expenses

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT student discussion
i use sage at work and need to enter expenses onto the system but will not be paying them- should I open a supplier acc named expenses and do it that way or is there another?

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    expenses

    If you open a supplier account for expenses it will affect your purchase ledger and leave an unpaid balance in the ledger - are you going to pay them eventually?
  • System
    System Posts: 100,534 🤖 Admin 🤖
    expenses

    some of it will be paid-the nominal coding is to be for a directors loan acc<BR>the supplier acc idea was all i could think of - if you know another way that wold be great
  • System
    System Posts: 100,534 🤖 Admin 🤖
    expenses

    OK, I think I see what you are trying to do. I would open a Directors loan account, say around nominal code No 2400, the opening balance would be the amount that was borrowed, so as the loan is paid off, you can then reduce the directors loan account by the amount paid each time. If you think of it as a T account the loan would be on the credit side, then the payments on the debit side, same in Sage, that way your bank will be right and you will have an opposite entry.<BR><BR>If this is of any help let me know. if you are trying to do something completely different, I willl try and help.<BR><BR>Sarah.
  • System
    System Posts: 100,534 🤖 Admin 🤖
    expenses

    you are right that is what im trying to do- I've now set up the nominal code-but how do I enter the amounts owed onto that code(sorry if i seem stupid)<BR><BR>Thanks
  • System
    System Posts: 100,534 🤖 Admin 🤖
    expenses

    Have you got an ammount going out of your bank account? If you have this will be the initial amount so, when you do your banking, the amount will be a payment into the nominal code, i.e out of bank into loan account account. If not, then if you go into the nominal record, there should be a small icon that has o/b on it, click ths and that will you allow you to enter an opening balance for the account. You also need to make sure that the new nominal code is on your chart of accounts so your trial balance will be correct. If you have used an existing code it should already be there, if not, just check.<BR><BR>Sarah
  • System
    System Posts: 100,534 🤖 Admin 🤖
    expenses

    thanks sarah
  • System
    System Posts: 100,534 🤖 Admin 🤖
    expenses

    Hope somenone can help further with this.<BR><BR>I have done all of above and now need to enter more money going into directors loan account(so that business will have borrowed more from directors) how do I do this - Is it by making a journal credit entry? if so how do I balance it as it wont let me save without doing that.<BR><BR>Thanks for any help

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