Enter receipts when I have paid cash


S

StaceyTank

How do I enter receipts(i.e Office Depot) when I pay cash? I have set up an
account for Office Supplies already.
 
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B

BenA

It's out of petty cash, so wouldn't you make a journal entry to debit Office
Supplies and credit Petty Cash?

I think that will work.
 
S

StaceyTank

We don't have petty cash and we try not to make journal enrties unless we
absolutely have to. That is something else I have to explain to the owner
when I make those type of entries.
 
B

BenA

Stacy,

Maybe a better way audit trail wise is to post the bill in bills to pay.
Then go to the Pay Bills screen and pay CASH from the cash account you are
paying from (Be it checking or petty cash).

But I'm not sure what you mean by cash if it is not petty cash.

Hope this helps

BenA
 
P

PK

If you paid the expense from your own pocket and working as an employee, you
can create employee reimbusrement for it. In the employee reimbursement,
select the office supply expense account, provide description, Qty and price.
Select appropriate Pay from account and Payment method to get money back
from company.

Hope this helps.

PK
 
S

StaceyTank

Yeah I paid it out of pocket but I am the owner and I will sooner or later
reimburse myself. Do you think I could set up an accounts payable
account(Reimbursements of Reciepts) and the same principle would apply?
 
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D

dan39

That's what PK is saying.

Just set yourself up as a vendor and do a expense report/reimbursement.
Debit expense and credit A/P and then pay yourself back whenever.
 
D

dan39

Yes you can.

StaceyTank said:
Yeah I paid it out of pocket but I am the owner and I will sooner or later
reimburse myself. Do you think I could set up an accounts payable
account(Reimbursements of Reciepts) and the same principle would apply?
 
D

dan39

Yes you can.

StaceyTank said:
Yeah I paid it out of pocket but I am the owner and I will sooner or later
reimburse myself. Do you think I could set up an accounts payable
account(Reimbursements of Reciepts) and the same principle would apply?
 
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