Amount owing to Staff
Software: MoneyWorks
Your staff purchased some stock item on behalf of the company. How are you going to record this transaction in MoneyWorks?
You cannot simply pass a Journal as this involved stock item and accounts payable (amount owing to staff). You can consider using either Payment transaction method or Purchase Invoice method.
I prefer using Purchase Invoice method. How to do it?
First, I created a new accounts, Staff account (in this case, I use 6550 as the account code). This account is an Accounts Payable type of account
Next, I create a new Creditor (my staff), John Tan. From Pricing & Terms tab of the Name profile, I changed the Payables Control (below Creditor Control section) account from the default Accounts Payable to 6550 – Staff Account.
Then, I create a Purchase Invoice as usual. I select John Tan as my Creditor and enter the item purchased. The double entry for this transaction are debiting my Stock on hand account and crediting the staff account (current liability account).
