How to show a payment from the company in lieu of expenses that I paid personally

Vote Up
+1
Vote Down

When I pay company expenses – they are paid from an account labelled “Directors Credit Card” which is my personal credit card. How do I show the company reimbursing me for those expenses?
Thanks
Richie

  1. john_bullet April 1, 2014
    Hi Richie. Are you a sole trader or limited company?
  2. richiebowden April 2, 2014
    Hi John,

    We're a limited company - SoMoMed Ltd.
    Richie

1 answer

Vote Up
+1
Vote Down
Peter Connor ⋅ Staff April 2, 2014
Public

Hi Richard,
You’ll need to set yourself up as an employee of SoMoMed ltd. As a company you are a separate entity to Richard Bowden.
Once you do this when you go to add an expense or bill, simple marked it as paid already and then pick and employee. We’ll enter the amounts into your payroll run, do all the taxes and account stuff instantly.
I’ve created an animation for you here to show you.
How Do You Enter Personal Expenses And Get Reimbursed By The Company  

#answer-305
  1. richiebowden April 2, 2014
    Thanks Peter,

    The animation is useful to help me get my head around it.

    Richie
  2. Peter Connor April 3, 2014
    No problem Richie, if you haven't set-up employees before this free community guide we created should help you http://goo.gl/A3nGTn

    In a nutshell.
    - Register for ROS online
    - Call Revenue and ask them to add you as an employee to your company and send a p2c file
    - Download the p2c file from ROS and just upload it to Bullet, boom you're done. We handle all the crazy accounting stuff and even automate all your tax returns. Here is a little video on how easy setting up employees is http://goo.gl/9JKhBr

    Hope that all helps Richie and you're finding the community site helpful too. We're always updating things everyday to make your life easier so let us know if we can improve on anything.

    Pete

Please login or Register to Submit Answer