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Hello all :-)
One of my clients runs a small house building business (not building homes for gnomes, the houses are normal sized). He has had the business for 10+ years and has always utilised the services of a bookkeeper. I've been his BK for just over a year. He uses cash accounting, kept in a single entry, columised ledger book. He is VAT registered.
He has a Barclaycard which he uses for mainly fuel, but there are some materials and stamps also purchased. Usually, he pays the balance on the card on a monthly basis, I see it on the bank statement, marry it up with the card receipts, analyse how much should go into each column and bob's your uncle.
However, this month for the first time he's had a cash flow problem so has only paid the minimum amount suggested on the Barclaycard statement. My question is, of the £600-something on the bill, he's only paid £15-something....which column should I enter the £15 into? It would be a whole lot simpler if he'd paid the value of one of the (e.g.) fuel receipts.
It's likely that unless finances improve he'll only be paying the minimum amount for the next few month, so I need a definitive decision.
I would ask his Accountant but I don't want to look stoopid.
TIA
Helen x
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