Hi, I recently paid some outstanding installments on my van insurance using my personal credit card. Could you give me some advice on how I should record this initial transaction in Solar Accounts and the future transaction I intend to make when I repay the credit card bill from the Business Cheque Account?
Thanks.
Bryan Finegan.
Hi Bryan,
If your are self-employed then record the van insurance payments in the usual way (ie. as a Money Paid Out transaction allocated to an appropriate expense account) but set the Paid From Account to 'Owners Drawings and Personal Use'. When the business 'pays you back' record a General Transaction from the 'Cheque Account' to the 'Owners Drawings and Personal Use' account.
Regards,
