Can I plese get some advice as to how to set up accounts and manage staff education expenses? We will be paying staff tuition expenses in advance and staff are then reimbursing us from a scholaship fund soon after. What would be the best way to account for both the education fees and the later reimbursement from staff?
Thank you so much.
Hi moira
Staff Loan - keep it simple - doesn't need to go into P&L - pay the invoice (staff education whatever - irrelevant as they are paying you back) - Create Asset Accounts for each staff member - 1- xxx - Loan ABC etc.
Pay the expense with spend money - credit bank account - debit loan account - simple.
When they pay you back - and depsit the money into your bank account - do the reverse.
Simple and easy.
The Doc
