Director Incurring Expenses

THE MOST COMMON TYPES OF PAYMENTS TO DIRECTORS ARE THE PAYMENTS OF DIRECTORS REMUNERATION, I.E. DIRECTORS SALARY.

ADDITIONALLY DIRECTORS WOULD OCCASIONALLY PAY FOR COMPANY EXPENSES / PURCHASES ON BEHALF OF THE BUSINESS.

WHERE A DIRECTOR PAYS EXPENSES (NOT INVOICES) ON BEHALF OF THE BUSINESS, THE FOLLOWING RECORDS:

THE DIRECTOR PAYING THE EXPENSE
THE EXPENSE ACCRUED WITHIN THE BUSINESS ACCOUNTS
THE AMOUNT OWING TO THE DIRECTOR

BANK > PAYMENTS

Bank Account

In the bottom right hand corner select the account making payment. Select the Directors Account assigned to the Director who made the expense payment.

Date

Enter the date the expense is incurred.

Reference

Enter an appropriate reference.

Supplier/Payee Name

Select a Payee from the existing list (F2) or type the first letter of the Payee name, use arrow down key to scroll through the existing Payee names.

To setup a new Payee simply type the new Payee name. The program will recognise the new name does not already exist and prompt you to specify if it is a new “Supplier” or “Other”, select “Other” to add the new name to the Payee list.

Nominal Account

Choose the relevant expense account to which the expense paid by the Director on behalf of the business relates.

Amount

Enter the amount per the cheque or per bank statement in the case of Direct Debits/Standing Orders. This will always be the GROSS amount when VAT is involved within the transaction.

VAT

If applicable a VAT rate can be attached to the amount entered which will record the VAT reclaimable from the Revenue through to the VAT account and VAT report.

While within the amount box use the arrow keys to scroll through the VAT rates available in order to capture the VAT on any payments for which you may reclaim VAT from the Revenue and for which the VAT was not previously captured. The VAT element will flow through to the VAT report to be included within the Normal VAT Report for the period.

THIS WILL ALSO CREATE A BALANCE OWING TO THE DIRECTOR ON HIS ASSIGNED "DIRECTORS ACCOUNT".

TO VIEW THIS BALANCE SIMPLY GO TO REPORTS> USER DEFINED REPORTS> AND RUN THE REPORT SELECTING THE DIRECTORS ACCOUNT.

Need help? Support is available at 01 8352074 or thesauruspayrollsupport@brightsg.com.

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