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Rakhi Vasavada
Rakhi Vasavada, Financial and Legal Consultant
Category: Finance
Satisfied Customers: 4545
Experience:  Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years
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I own a Painting business, I'm currently a subcontractor

Customer Question

I own a Painting business, I'm currently a subcontractor for a business. I purchase supplies using their account and when I get payment from them they reduce what I've spent from the final payment. Is there any way for me to claim the expenses for the
supplies at the end of the year? I know I can do this if I purchase them myself, but since I'm starting out I sometimes don't have the money and that is why I use their account.
Submitted: 1 year ago.
Category: Finance
Expert:  Rakhi Vasavada replied 1 year ago.

Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

Yes, you have a way.

Once you purchase goods / supplies, just record it as being purchased on credit in YOUR books. Once you receive payment from them after a deduction, you can post that amount as payment towards the supplies purchased.

I am sure this would help.

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Warm Regards,