First cash deposit

Hi
When i first opened the account i had to deposit a £50 personal cheque so a couple of questions
1. How to i report the first initial 'investment'
2. How do i report when i withdraw the same amount.

Regards

Gerry

Posted by Gerry Constantatos on Dec 29, 2011 2:02 PM GMT

Hi Gerry,

To record the initial deposit create a General Transaction from the Directors Loan Account to the Cheque Account. When you withdraw the money record another General Transaction in the opposite direction.

Regards,

Posted by Mark McLaren (Solar Accounts) on Dec 29, 2011 3:18 PM GMT