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Hellytelly
December 11, 2023
Question

Cash floats and per diems

  • December 11, 2023
  • 1 reply
  • 0 views

Hi there 

I’m a sole trader who is VAT registered. 

Occasionally I am given floats to cover certain expenses when I am working for a company - like taxis, or providing coffees for other people in meetings. I have to reconcile those floats with the company providing them with receipts. I don’t get any paperwork from the company when I’m issued the cash, it just gets paid into my account. How do I deal with these expenses on quickbooks? It’s not income but I do I have to record those cash advances or the corresponding receipts in quickbooks? If so, how? 

Also, when I am contracting away from home for a company, they give me per diems to put towards my food and drink while I’m away. I have to invoice for these per diems - they tell me how much to invoice depending on days away. This is not income per se, so how should I record it in quickbooks? And do I have to put through the receipts from those trips away (paid for by the expenses) into quickbooks? How and where do I do that please?   

thank you! 

Helen 

1 reply

A
Ashleigh1
December 11, 2023

Hello Hellytelly, thanks for posting on the Community page, so for the cash floats you received, you would have to record it as income to a specific cash-on-hand account in QuickBooks. You can create a cash-on-hand account in the chart of accounts and use that account to record expenses as for the coffee and such. For the Money received/cash float you can record it as a transfer to the cash-on-hand account. We are not trained accountants here and you may wish to consult with an accountant more about this. 

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