Forum Discussion

vsw's avatar
vsw
Contributing User
2 years ago

Director using business credit card for personal expenses

Hi, the director has used the business credit card for personal expenses. Can anyone provide me the steps to take to record this, please?     This is what I have done but I feel I'm missing a st...
  • Genreve_S's avatar
    Genreve_S
    2 years ago

    Hi vsw, 

     

    Thanks for posting. 

     

    I understand the need for this to be recorded correctly. Generally, if the transaction that we are trying to record is not business-related, it's best to record the transaction as a "Spend Money" transaction and pay it back as a "Receive Money" transaction. This does not affect the ledger if the money is returned. I believe how you recorded the transaction was the right way. If you are still in doubt, I would suggest seeking help from a financial advisor to see if there is a better way to have this recorded. 

     

    Let us know if you require any further assistance. We're happy to help. 

     

    Cheers, 

    Genreve

Genreve_S's avatar
Genreve_S
MYOB Moderator
2 years ago

Hi vsw, 

 

Thanks for posting. 

 

I understand the need for this to be recorded correctly. Generally, if the transaction that we are trying to record is not business-related, it's best to record the transaction as a "Spend Money" transaction and pay it back as a "Receive Money" transaction. This does not affect the ledger if the money is returned. I believe how you recorded the transaction was the right way. If you are still in doubt, I would suggest seeking help from a financial advisor to see if there is a better way to have this recorded. 

 

Let us know if you require any further assistance. We're happy to help. 

 

Cheers, 

Genreve

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