So in a nuthsell, we advanced an employee £1,000 for a big international trip, he only spent £200 and refunded us the unspent £800. However, how I process this through Quickbook has me really scratching my head - any ideas?
Create an expense New+ > expense > create the employee from the Payee field, ensure you select employee in the type field > enter all the relevant data > in the category field either create/add new a specific expense account or use a relevant default one.
For the refund create a bank deposit, New+ > Bank deposit > ensure you select the date and account that the money was received > in the 'Add funds to this deposit' and the employee in the received from field > in the account field enter the expense account you used in the initial expense |> enter the amount > No VAT > sane and close.
The above is based on the assumption that the amount was not processed through payroll/PAYE.
Create the Expense as explained in the previous post, this relates to the £1000 that you gave to your employee from your bank account.
The deposit, relates to the amount that your employee sent back to you, we presume he sent that via your bank?
Yes, sorry, create the £1000 expense and then create the deposit relating to £800. The £200 will be allocated/showing as an expense to the expense account you chose/created.