I'm sorting out my accounts so far and not sure how to record the start-up grant. I was reimbursed for the items I had bought and have received back copies of the receipts. Do I have to record the grant as income and the items bought as expenses or do they not get recorded as they cancel each other out?
sarah707
14-01-2009, 10:01 PM
You need to record them... both income and expenses... just in case they are ever questioned.
Obviously they cancel each other out for tax purposes :D
miffy
14-01-2009, 10:04 PM
You need to record them... both income and expenses... just in case they are ever questioned.
Obviously they cancel each other out for tax purposes :D
Agreed :thumbsup:
Miffy xx