Recording Expenses made by Owners/Partners
Hi,
This is the process we follow to raise bills in MYOB that have been purchased by the partners using their own money and bank account.
Go to purchases create a new bill --> Insert all information and attached receipt --> Pay the bill --> Record as an electronic payment --> Once it has been marked as paid --> We then record a journal entry like below.
My question is by following this procedure, can this ensure that theses purchases are claimed on at TAX time as all purchases are related to the business but paid by us partners?
