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Community Contributor *

Subsistence

How do I add substance as a claim for work where i'm away over night or for extended periods of time?

7 REPLIES 7
QuickBooks Team

Re: Subsistence

Hey benferrari,

 

 

Thanks for your post and welcome to the community. 

 

Do you initially pay for this using personal money which is then reimbursed by the business or does the business pay for the expenses outright?

 

 

Thanks 

Community Contributor *

Re: Subsistence

I'm a sole trader and work for other businesses, they don't pay for the expenses incur. So I do a job and get paid for that and then I want to claim substance. Make sense?

Super Explorer ***

Re: Subsistence

Enter you cash/bank payment to subsistence. If the account doesn't exist create it as an expense.

Community Contributor *

Re: Subsistence

Sorry I can't see how to do that - can you elaborate? Thanks, Ben

Super Explorer ***

Re: Subsistence

If you don't have an account for subsistence create one using chart of accounts as an expense.

 

If you are reimbursing yourself with a specific payment bank/or cash then post this payment to that account.

 

If you're incurring these costs from your own pocket the you can pretend to write a cheque for £0, with say as an example £200 to subsistence and then -£200 to drawings.

 

You could also set up a petty cash account to record these and at then end of the year transfer the balance on this account to drawings assuming you've no cash in hand.

Community Contributor *

Re: Subsistence

Thanks for explanation however, quickbooks self-emplyed doesn't have any options for doing that. I have receipts for the money spent so would it make sense to claim the actual receipts. i would have thought it would be easier to just assign a substance for each time i'm out for that long, i always get something.

QuickBooks Team

Re: Subsistence

Hello there, @benferrari.

 

Allow me to join into this conversation and provide you with some details about handling subsistence in QuickBooks Self-Employed.

 

You may enter the subsistence as a business expense or income. To help you select the right category for your transactions, you may see this link: Categories in QuickBooks Self-Employed.

 

To record your transactions:

  1. Go to the Transaction menu.
  2. Select Add Transaction.
  3. Enter the amount and a brief description.
  4. Browse the Select a category menu and choose the best option to organize your transaction.
  5. If you have a receipt, you can drag and drop it into the form.
  6. When you’re ready, select Save.

I've added some references below that you can visit for complete details about this procedure:

If you need further assistance in performing the steps, you may get in touch with our Customer Care Team for proper guidance. 

 

Of course, I'm still here to lend a helping hand if there's anything else you need about this. Just leave a reply below and we'll take it from there. Have a good one!