HI Mark
Thank for the replies to date, to start my records correctly how do i deal with with none business credit cards and bank accounts used to purchase items and sales monies being transferred into them?
Is it possible eg. i used my personal Amex ( i am now getting a CC just for business) to buy £5000 in stock.
So my personal Cheque Acct pays my AMex so i had to transfer money from business to personal account to pay CC.
Dont worry i am separating everything as i type. Just need to show my historical
data correctly. I have it recorded in Single Line Transaction but was hoping i didn't have to replicate everything again in here
Hi Dale,
When you use your personal funds to make business purchases just set the Paid From Account in the payment window to 'Owners Capital' (if you are self-employed) or 'Directors Loan Account' (if you are the director of a limited company).
When you withdraw money from the company (whether as a reimbursement or any other reason) create a General transaction from the Cheque Account to the Owners Capital account (or Directors Loan Account).
Regards,
