Recording expenses paid for using personal money

Occasionally someone in your company may pay for a business expense using their own personal money instead of from a dedicated portfolio account. They need to be reimbursed and a record of the expense needs to be captured in Provestor.

Recording a personally incurred expense

There are two ways for an expense to be reimbursed. On the employees or directors next payslips (if they receive a salary), or directly via a bank transfer. 

  1. In the menu bar, click Expenses to record and view personally incurred expenses

  2. Select the name of the person that incurred the expense

  3. Select in the menu if the expense will be reimbursed directly or via payslip (If you don't have a PAYE scheme, expenses will need to be reimbursed directly)

  4. Click the enter new transaction button then select expense

  5. Enter the details of the expense for reimbursement

    1. Date - as shown on the receipt

    2. Paid to - the suppliers name

    3. Description - an understandable description of the item or service

    4. Amount - cost inclusive of any VAT

    5. Ref no - optional

    6. Category - what type of expense it is so it can be processed correctly

    7. Property / tenancy - see below

    8. Billable - see below

  6. Click save

Recording expenses against a property or tenancy

Typically an expense will be incurred for either the business itself or for a property. If the expense is related to the running of the business, e.g. a website or some, then leave this option as blank.

If the expense is related to a property or a tenant, then you'll select one of the two options:

  1. Property name - if the expense will be covered by your business, select this option

  2. Property / tenant name - if you are going to invoice your tenant for the expense, e.g. repairs to damage they caused, select this option and tick the billable checkbox

This ensures that for reporting purposes your expenses are allocated to the correct property and, if you are billing a tenant for something, when you create their next invoice you can select the billable expenses to include.