Hi Guys,
We buy dozens of things on a credit card each month, at the end of the month we pay the credit card bill by direct debit.
In our accounts spreadsheet, we enter the total amount spent on the credit card (Net, Vat & Gross) for that month along with the date we paid the credit card bill.
Is this adequate for our records under MTD record keeping?
Someone has suggested that we would have to enter “each” transaction into the spreadsheet along with the item cost and transaction date. Is this correct?
If the above is correct, would this also mean if we bought goods several times a week from a supplier on account, then paid their bill at the end of the month, we would have to list individual items, their cost (Net, Vat & Gross) and the dates we bought them as separate entries?
Your comments are welcome,
Keith
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