Skip to main content
S
Steve C1
July 5, 2021
Question

AGM Cost Allocation

  • July 5, 2021
  • 1 reply
  • 0 views

Hi All. 

 

We recently held our AGM to review last years accounts, review the year to date and plan for the future. As we are busy the only time the Directors could be together was over the weekend. We booked a convenient hotel equal distance between Directors arriving late after client works on the Friday, meeting all day on the Saturday and then headed home on Sunday.

 

As we were away over the weekend the Directors partners attended too. The hotel rooms were the same price for single occupancy as dual occupancy, the only difference was the evening meals.

 

Could you help with the allocation of costs?

Hotel was B&B

Dinner Friday and Saturday night.

 

Many thanks

1 reply

A
Ashleigh1
July 5, 2021

Hello SteveC1, 

 

Welcome to the Community page, 

 

So you would create an expense by going to the +new icon and then clicking on expense. Then fill all the information out on the top. On the first line under category you can select meals and entertainment or travel meal then in the description section you can out dinner Friday and then in the amount how much it cost and if it had vat or not on it. Then on the second line you can select either meals and entertainment or travel meal again, and same again in the description can put dinner Saturday and the amount it cost and the vat if it had it or not. Then on the 3rd line you can out it down as travel and in the description but hotel b&b and the amount it cost and if it had vat on it or not then save and close it. 

S
Steve C1Author
July 5, 2021

Hi Ashleigh1

 

Many thanks for your response. I guess my question really was which categories to pick for the type of transactions and if all the expenses are chargeable before Corporation Tax is calculated or are there elements that would need to be treated as Entertaining? 

E
emmam6
July 13, 2023

Hello Community Users, we just wanted to pop in and add to this thread, to clarify we can tell you how to add the expenses in QuickBooks but as we're not accountants we cannot advice you on which categories to use. It would be a case of going to the chart of accounts and going to add new and selecting expense and then by each expense it gives you a explanation and it is a case of picking the nearest existing one or creating a new expense category. We'd always recommend confirming with an accountant especially regarding corporation tax.

 

Terms & ConditionsAccessibility statement