THE MOST COMMON TYPES OF PAYMENTS TO DIRECTORS ARE THE PAYMENTS OF DIRECTORS REMUNERATION, I.E. DIRECTORS SALARY.
In the bottom right hand corner select the account making payment. Select the Directors Account assigned to the Director who made the expense payment.
Select a Payee from the existing list (F2) or type the first letter of the Payee name, use arrow down key to scroll through the existing Payee names.
To setup a new Payee simply type the new Payee name. The program will recognise the new name does not already exist and prompt you to specify if it is a new “Supplier” or “Other”, select “Other” to add the new name to the Payee list.
Enter the amount per the cheque or per bank statement in the case of Direct Debits/Standing Orders. This will always be the GROSS amount when VAT is involved within the transaction.
If applicable a VAT rate can be attached to the amount entered which will record the VAT reclaimable from the Revenue through to the VAT account and VAT report.
While within the amount box use the arrow keys to scroll through the VAT rates available in order to capture the VAT on any payments for which you may reclaim VAT from the Revenue and for which the VAT was not previously captured. The VAT element will flow through to the VAT report to be included within the Normal VAT Report for the period.
Need help? Support is available at 01 8352074 or firstname.lastname@example.org.