Bill payments

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  1. How do I enter expenses that are paid by an employee and refunded by the business?

    Here is a question we received in one of the discussions:
    Can you please advise how to code expenses expenses that are paid by an employee and refunded by the company.

    For example; Employee A spends £100 on Mobile phone, £200 on travel, and £50 on meals. A total amount of £350 is paid to the employee as expense reimbersement at the end of the month. But the single payment to the employee can only ...

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  1. nelson.clark closed this discussion on 08 Jul, 2011 06:01 AM.

  2. #1 Posted by Admin Support staff on 08 Jul, 2011 09:00 AM

    A mortgage payment from your bank would link to an indirect expense account which you could call Interest Paid. If you have a repayment mortgage you might know how much interest you are paying and how much capital. If you do, you can use an entry with a split, one for paying the interest and another to reduce the amount owed on your loan. Otherwise, if you don't know the split you can post adjustments when you receive your statement from the mortgage company, posting an adjustment between the Interest Paid and the Loan to leave the outstanding loan amount correct to the statement.

    I hope that helps,

    Mathew

  3. nelson.clark re-opened this discussion on 08 Jul, 2011 10:03 AM

  4. #2 Posted by nelson.clark on 08 Jul, 2011 10:03 AM

    Thank you

  5. Admin closed this discussion on 08 Jul, 2011 12:44 PM.

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