To cover development costs, I have loaned myself monies from my savings account. To account/tag this, do I use the “Other” on the list and enter the monies into 2300?
Regards
Gary
Or is it ‘Cash Introduced’?
If I recall correctly, you’re a sole trader? In this case, it would just be tagged as a transfer from the drawings account to the current account (assuming the money was paid there). This would just be treated like any other capital introduced to the business, so it would normally be journalled out to 3300 at year end.
Alternatively, you could just tag it as “something else not on the list” and select 3300 straight from there. Ultimately, it depends on how you handle your drawings account.
Got it, Thanks. That is quite straight forward.
I don’t have a ‘3300’. Should I create one called “Capital Introduced”?
It’s likely it was added after your account was created. If you go to the Chart of Accounts report, and click More Options, you should see an option to Add/Remove Popular Codes.
You should see the option to add 3300 in that list.
Let me know if you need further help
Hi Matthew,
Found it! Thanks
Gary