Withdraw cash to make cash payment

oz0707

I'm buying an item for the business I've won off eBay. Have written up a reciept to record the purchase.

If the business is not taking in any cash should I be making a withdrawal to pay for this? I've got the money on me but just wondering whether you should have a withdrawal slip (personal or business) to show?

Or is this something that isn't worried about?

This will be directors loan if the money is coming from my pocket.

pooch

oz0707 wrote: »

I'm buying an item for the business I've won off eBay. Have written up a reciept to record the purchase.

If the business is not taking in any cash should I be making a withdrawal to pay for this? I've got the money on me but just wondering whether you should have a withdrawal slip (personal or business) to show?

Or is this something that isn't worried about?

This will be directors loan if the money is coming from my pocket.

I tend to put things like this through on a petty cash / expenses basis, (attaching the receipt) just like I would if I bought £100 of fuel for the company van, or £3 on a ream of copier paper from the local corner shop.

If the company doesn't have the funds to pay, then you could make a contra entry of a directors loan for the same amount.

Of course it might be different if you've just spent £1m on some expensive printing machine or the like, but I doubt that is the case here.

paddyrg

Pay with your own cash and expense it back to the company with the receipt/invoice. Easier than tracking withdrawal cash from experience.