I have just completed set up of my new business using Quickbooks. At this time I am the only employee of the business as the Director. I have been using my own vehicle for business use and would like to reimburse myself through the business for the fuel I have used. How do I show this in Quickbooks? Is it better to add this in when I run my first payslip? or pay it separately to myself just now. Any advise on the correct procedure would be appreciated.
Hello PaulC555, If you are using Standard payroll and you want to add the reimburse the vehicle on the payrun, you can add an additional pay for it. It's on the employee profile>dropdown arrow under action>> Additional pay>Reimbursement.
Hi PaulC555, thanks for joining the Community - do you already have a directors loan account created in your Chart of Accounts, and will you be using QuickBooks Payroll?
Georgia yes I have a directors loan account showing on the accounts which shows the investment loan which I used to start the business, and yes I am also using quickbooks payroll which I have an onboarding booked for next week.....
Hello PaulC555, If you are using Standard payroll and you want to add the reimburse the vehicle on the payrun, you can add an additional pay for it. It's on the employee profile>dropdown arrow under action>> Additional pay>Reimbursement.
Thank you Ashleigh, that makes sense now. I couldn't understand how it went through payroll without being subject to tax....but it seems pretty straightforward now.
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