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Cash payments on SAGE help!

The Jolly Green Giant · 2011-08-16 18:21:22

I draw out money from my business account (sole trader) and usually end up using that money for fuel and other equipment. How do I make an entry for a cash receipt and still allow it go through the VAT3. Thanks

16-08-2011 6:21pm

#1

The Jolly Green Giant

Closed Accounts Posts: 4 ✭

Join Date: April 2011

Posts: 1

I draw out money from my business account (sole trader) and usually end up using that money for fuel and other equipment.
How do I make an entry for a cash receipt and still allow it go through the VAT3.

Thanks

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Comments

#2 16-08-2011 8:14pm

paul71

Registered Users, Registered Users 2 Posts: 3,348 ✭✭✭

Join Date: June 2010

Posts: 3284

Post the petty cash receipts in the purchase invoice ledger as invoices. on the payment side make the cash payment from the petty cash account assuming the petty cash nominal is set up as a bank account.

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#3 17-08-2011 9:01am

Herbalist

Registered Users, Registered Users 2 Posts: 149 ✭✭

Join Date: June 2008

Posts: 148

The easiest option would be to go to the Bank module. Choose payment and record the bank payment with the standard vat code against the fuel and other equipment nominal code. This will decrease the bank and record the VAT amounts so it will show in the VAT return.

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