TAS question

cedargurl

Hi all
I am new to these boards, so am not really sure the best way to get advice on this issue. I am having a problemswith TAS and was hoping somebody could help me?
Thanks

cedargurl

OK so basically this is what I have done, but I have a sneaking suspicion it is not correct.

I entered all purchase invoices and diesel/easons/b&Q receipts onto TAS. Setting them all up as suppliers, to record for VAT purposes etc.

Only a start-up company so all of the above were paid for with cash on delivery.

I reimbursed the employee who purchased said items above with a company cheque.

I recorded the reimbursement as a payment out of the bank and allocated the payment against the correct codes eg fuel, stationary, light, heat etc. originally used when invoices/receipts were first entered.

However I have now realised that those suppliers are always going to show as being owed money!

Help Help Help Please Please Please!

aidan.connolly

Hi

From what you say it looks like you may now have now double counted the vat and the expense.

You should have either 1) entered them as purchase invoices against suppliers and the post the payments against these suppliers. Since you paid it all with just one cheque, this could be very messy Or 2 ) not set them up as suppliers and just post the payments staight to the expense accounts and split out the vat from the receipts and post it to the vat account.

In this case I would have gone for option 2 .

My suggestion would be to recall the purchase transactions and delete them. You can do this in TAS. Just make sure that when you posted the expenses using option 2 that you split out the vat .

Aidan

cedargurl

Thanks a mil Aidan.