Hi
I am about to trial Solar and have a couple of newbie questions!
I'm a director of a Ltd Co. and want to enter a wedge of invoices for various things I have bought which would come under various expense headings such as marketing, telephone, computers, stationery, etc. There's quite a few and i'm trying to see if there is a way to save time entering them as much as anything!
Some items were bought previous to the business start date and some were bought in this first month of trading. I have paid for them myself and wish to reclaim the money and put it into the Directors Loan account to withdraw it when the income builds up enough to do so, perhaps in a couple of months time.
What transactions do I need to make for this? Can I enter one figure for the lot for each month, and somehow allocate them to their relevant expense account at the same time? Or do I have to enter them one at a time in order to appear under their relevant heading so I know what has been spent under each one?
Also, starting from the first month I wish to allocate myself a director salary (not as an employee) each month of say £500. No tax or NI is due on this amount ,so can I just make a payment to the DLA and again, draw it out at a later stage when the company can afford it in a couple of month's time? What transaction do I make for this?
I might have a couple more questions but i'm just working my way through it!
Thanks
Sarah
PS I also have a suggestion - have you thought of offering a training day for this software? A one day day session say 10-4 with 12 people, at £50 a head, makes it viable for you after expenses. Just a thought.
Hi Sarah,
Thanks for your interest in Solar Accounts.
Note that you only need to record a purchase invoice if your supplier has given you credit and you will pay for your purchase later. Otherwise, you can record all your expenses as a single transaction: click menu File > New > Money Paid Out. Set the Paid To field to 'Unknown Supplier' and the Paid From Account to 'Directors Loan Account'. Enter a suitable memo such as 'Startup Costs'. In the Allocate to Account table, enter one row for each expense type - eg:
Marketing £240
Telephone £80
Stationery £57
etc.
As for the director's salary, you should create a new expense account called 'Directors Salary' then create a new Money Paid Out transaction paid from the Directors Loan Account to the Directors Salary expense account.
I hope this answers your questions - let me know if you need more information.
Regards,
