Logging cash card statement in accounts?

Co director has a personal revolut cash card for expenses, can I log the balance as 1 entry?

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Hi all, I use sage accounting and my co director is terrible at timely entry of expenses.. I've just got a revolut statement with all expenses on, can I log the whole statement balance as 1 entry to his director account or do I have to enter each of the 55 entries on the statement individually? 
 Thanks. 

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By 356B
09th May 2024 09:50

You can record it as one entry on the DLA, but you'll need to analyse it over all expense headings.

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Replying to 356B:
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By KSAH
09th May 2024 11:10

Hi, thanks for the reply.
Thankfully all entries on the card are food/drink while working away, all the same ledger

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By JCresswellTax
09th May 2024 09:58

That may depend on if his loan account is in credit or debit.

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Replying to JCresswellTax:
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By KSAH
09th May 2024 11:10

Hi, thanks for the reply.
The company currently owes him on the DLA

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DougScott
By Dougscott
09th May 2024 10:56

If you are saying all the entries are for personal expenses then post it all to the DLA, don't see why you need to analyse anything. If however some expenses relate to the business then you will need to analyse out the business expenses.

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Replying to Dougscott:
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By KSAH
09th May 2024 11:08

Hi, thanks for the reply.
It is all food/drink (all same ledger) while working away

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Replying to KSAH:
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By FactChecker
09th May 2024 15:14

Not sure that you've grasped Doug's hint (re whether some expenses may relate to the business)?
There's a lot of vagueness in the phrase "all food/drink while working away" - but it is *possible* that some of that may be allowable as business expenses.

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By tracey2412
16th May 2024 15:16

one entry, one code, attach a copy of the statement (in whatever format) as documentary evidence?

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Replying to tracey2412:
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By FactChecker
16th May 2024 17:57

Some big assumptions (that may well be correct but aren't stated) there.

There's two levels to deciding on how much, if any, breakdown is needed:
- 1. private vs business? (if all the former than can go to DLA without detail);
- 2. is any business? (if so, then usual decisions regarding what to code to where).

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By Bobbo
16th May 2024 18:40

Is there VAT to claim on these expenses? If so, is one single entry MTD compliant?

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