Forum Message

Receipts from before I set up business bank account

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.


Posted by Debbie Rawlinson on May 24, 2012 10:05 AM BST

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


Posted by Mark McLaren (Solar Accounts) on May 24, 2012 10:41 AM BST

Thanks for the below reply, our company is a limited company, what do we do with the old transactions?


Posted by Debbie Rawlinson on Jun 7, 2012 4:14 PM BST

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,


Posted by Mark McLaren (Solar Accounts) on Jun 8, 2012 9:46 AM BST