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There’s a chat going on among local childminders here about whether to charge for consumables for funded children. Some are going to charge for these and will include food, trips etc but they are also going to claim these as expenses. Am I right to think that you can’t do both as consumables charged for are classed as income but they can’t also be expenses
I've always wondered this, so I will be interested to see what others on here think.
To my mind ... ALL monies paid are INCOME, and all monies paid out are EXPENSES irrespective of what you call it!
I was given a grant a year ago. I had to put the grant down as income, and then, as i was given the exact amount for the item I wanted, it then went down as an expense as the money left my account!
I charge for consumables and I always put the money in as income and the cost of the consumables as an expense.
I wouldn't have thought of doing it any other way so I'd be interested to know if anyone finds the exact answer!