Adding non deductible expense to Bullet

How does one input a clamping fee? I am lead to believe that they are not tax deductible and should not accept the P&L account? So is there an expense type or manual entry method?

1 answer

Peter Connor Staff January 6, 2017

I’m not to sure, that’s probably a question for your accountant. I don’t think revenue are going to lose their cool over a clamping fee 🙂   Pete

  1. magicmirror January 6, 2017
    Is it not a questions for the bullet though? When reconciling a credit card account, what can it be put down as?
  2. Peter Connor January 6, 2017
    Paying a credit card is a bank transfer we have a workflow for that. You're just transferring money from one account (bank) to another account (credit card).

    Paying items on your credit cards is the same as paying bills and expenses. How you categorise the bills or expenses is up to you, we can't advise on that. But, people categories in all kinds of crazy ways. Revenue just care that your accounts match your bank account.

    Hope that helps. Pete
  3. magicmirror January 6, 2017
    Sorry Pete, maybe I am not being clear.

    If I have say a €500 bill for a mobile phone, that is a business expense and it reduces the profit in the report by €500 accordingly.

    A fine is not tax deductible, but still needs to be paid. So what expense category does that go into so that it can be entered as an expense and record the cash going out but not affect the P&L account.
  4. Peter Connor January 6, 2017

    Cool. We've not category setup for fines or keeping items out of P&L that would fit your needs.

    You'll need to use Manual Journal Entries to book what you're looking to do, and for that you'll need to use our accountant.

    I don't think Revenue or an accountant is going to scream at you for registering a fine as a standard Bill, but if that's what you wish to do then MJE is what you can use to do that.

    You'll find them in the top menu.

    Thanks Pete

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