I set up my business bank account in July of last year, but have receipts from March of last year when I set up the business. Do I include these receipts at the start of the solar accounts, if so it won't balance with my bank account, or do I leave these out and let the accountant deal with these at year end? Many thanks.
Hi Debbie,
Yes, you should record business expenses even if you did not yet have a business bank account. If you paid for these expense from your personal funds and the business is not a limited company then set the Paid From Account to 'Owners Drawings and Personal Use' in the Money Paid Out window.
Cheers
Thanks for the below reply, our company is a limited company, what do we do with the old transactions?
Hi Debbie,
Are you a director of the company? If so, set the Paid From Account field to 'Directors Loan Account' in the Money Paid Out window. Otherwise create a new liability account called 'Loan from Debbie Rawlinson' and use it in the Paid From Account field.
Regards,