regarding this I think I understand what you have said above, but would like to do this another way as make a directors loan to the company & don't wish to have it fully repaid to me yet.
To put this in context, I already use the method you mentioned in the post "/diy-accounting/accounting-purchases-paid-director-20515.html" to transfer the debt from trade creditors to the directors loan account using the cash account.
I regularly complete expense forms & company currently owes me (via Directors Loan) more than the petrol payments we're talking about.
In this context then can I use the following procedure instead for each month I did this?:
- create monthly expense form
- Enter the total amount of monthly expenses in purchases breaking down into separate lines if there are different categories and VAT rates involved.
- In the current account set the debit card payments to code CR (payment to creditors) with me as the creditor
- Subtract the debit card payments already made that month from the expenses being claimed that month. Record a payment to myself for a reimbursement (payment to creditors) in the CASH account.
- Also in the Cash Account, Record a receipt for the same amount from the directors loan account.
Then.... Not do this (buying petrol from company a/c) again!
Phew! (I hope)
Thanks once again,