rammellconsult
Level 2

Transactions

Thanks mollcons. I'm OK with the HMRC guidance - the issue is just on recording it accurately in Quickbooks. Actually, I'm on the VAT Flat-rate scheme so (a) the purchases will be logged as VAT code O (outside the cope of VAT) and (b) I need to ensure the charge-back to my client is NOT included as turnover as I'll be paying my flat rate VAT on it. I could simply use VAT code O on my client's invoice to ensure this amount does not get included in my calculation of total turnover for VAT flat-rate purposes, but the item cost to me will still get included as a business expense. DMKmb's response sounds right but I'm struggling to translate it into "key strokes". I tried setting up an 'Other Current Asset' account named as 'Disbursements Receivable' to record the initial purchase under but the system does not then allow me to tag it as a billable expense to charge back. I therefore can;t see how I then bill the cost to my client. I'm struggling here....