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Sole Trader Expenses Query

  • 10-06-2009 7:58pm
    #1
    je55ie
    Closed Accounts Posts: 423 ✭✭


    Hi, doing the accounts of a sole trader operating a garage. Just wondering if anyone can tell what to do with items like engines, second hand parts that are bought from scrap yards which never issue Invoices or receipts. How would I account for it in the books if I have no Invoices / Receipts?At the moment Im just keeping a record of what is spent.

    thanks

    Jessie


Comments

  • #2
    Dan Chipowski
    Closed Accounts Posts: 1,072 ✭✭✭Dan Chipowski


    If they are legitimate business expenses, which they seem to be, I'd include them in purchases and just credit the money against the drawings taken.


  • #3
    Hanley
    Banned (with Prison Access) Posts: 21,981 ✭✭✭✭Hanley


    jessie37 wrote: »
    Hi, doing the accounts of a sole trader operating a garage. Just wondering if anyone can tell what to do with items like engines, second hand parts that are bought from scrap yards which never issue Invoices or receipts. How would I account for it in the books if I have no Invoices / Receipts?At the moment Im just keeping a record of what is spent.

    thanks

    Jessie

    Unless you're expecting to be audited I doubt it matters if you do not have receipts/invoices. Probably just best to include them in purchases as normal, maybe making a note of where they came from and other relevant info.

    Dr Purchases
    Cr Bank

    would be the entry (assuming it was done as a cash basis, as you'd expect with somone not issuing invoices!!)


  • #4
    je55ie
    Closed Accounts Posts: 423 ✭✭je55ie


    Cheers thanks for the replies, Im not expected to be audited but I just wanted to know if I was then what would I give them as proof of payment


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