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How do I treat cashpoint withdrawals?
How do I account for cash withdrawn for spending on sundries when I'm meeting a client? Do I have to break it down somehow? Or does it get allocated to a particular category?
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Inappropriate?Treat it as your money & then submit an expenses claim for the expenditure. -
Inappropriate?Thanks. Is that the case even if I use the company (2 people) debit card for the withdrawal? Or should we make sure to use our own debit cards, and then make an expenses claim as you suggest? -
Inappropriate?The accountant's answer!
In an ideal world I would treat the withdrawal as being an addition to petty cash and the expenses as payments from petty cash.
However, I think Ed may be better answering this before I add anything else. -
Inappropriate?You could (as Stuart suggests, and some people do) have a separate 'Petty Cash' account (add it like a bank account). But it's messy if you only do this stuff occasionally and we don't really support it elegantly.
You could, have multiple explanations for that withdrawal covering each of the expenses you incurred. But there'd probably be a bit left over etc.
But instead I'd be tempted to call it 'Money Paid to User > Expense Payment' - a kind of reimbursement in advance I suppose - and then enter what you actually spent the money on in your Out-of-pocket expenses.
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this answers the question
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Inappropriate?Stuart, Ed — thanks for taking the time to reply. That answers my question, and gives me a way to proceed from now on...
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