Hi
Does your software allow for categories to be added and tracked? In particular, sometimes I pay for company expenses out of my personal account - effectively making a personal loan to my company (i am the sole shareholder) . Is there a way to create a field where i can track the total of personal loans made such that i can calculate how much I am due back?
Cheers
Catherine
Company expenses paid with personal funds
catherine claydon - July 5th, 2010 10:36am BST
Hi Catherine,
By default Solar Accounts comes with a 'Directors Loan Account' which can be used to track how much money is owed between the company and the director. When you pay a company expense from your personal funds, create a Money Paid Out transaction with the Paid From Account field set to 'Directors Loan Account'. When the company repays this loan to you, record a General Transaction from the Cheque Account to the Directors Loan Account.
(By the way, you can also create new accounts by clicking menu File > New > Account)
Cheers,
By default Solar Accounts comes with a 'Directors Loan Account' which can be used to track how much money is owed between the company and the director. When you pay a company expense from your personal funds, create a Money Paid Out transaction with the Paid From Account field set to 'Directors Loan Account'. When the company repays this loan to you, record a General Transaction from the Cheque Account to the Directors Loan Account.
(By the way, you can also create new accounts by clicking menu File > New > Account)
Cheers,
Mark McLaren (Solar Accounts) - July 5th, 2010 12:08pm BST