Apportioning of costs
Apportioning of costs – Free Online Small Business Accounting Software Questions & Answers
Anyone know of a good way to do this?
My example is this – I fill up my commercial vehicle with diesel and pay for it with my business debit card. Revenue allow me to claim SOME of this amount back, and it differs from person to person (my accountant advises me to claim 70%, but the % is not the issue). When I enter the receipt into Bullet, and tie it with the account transaction, how can I apportion only that percentage to my business – and importantly only claim that amount of VAT?
This will also apply to many people’s mobile phone bill, domestic rent, and domestic bills (if they work from home sometimes).
Any thoughts Bullet community?
Thanks for your answer. What if the payment was made through an account that is linked into Bullet though - so to use your example, €123 of diesel appears on your bank statement and consequently in the Bullet "account reconciliation"?
If you're a limited company, then you'd need to consider the amount that wasn't claimable as part of your wages, so you'd need to create/add a wage payment for that amount, and then you could reconcile the diesel bill and the wage payment against the same bank transaction.
If you're a sole trader, then it's not currently possible to do that reconciliation, since the total amount isn't a business cost - ideally you'd only import the amounts that are related to the business. In this particular instance, it wouldn't (currently) be possible to reconcile the full bank transaction amount with the partial bill created.