I’m struggling to find a way to assign multiple manually created ledger entries to a single entry on my bank statement import. The ledger entries are for cash to suppliers etc. from my personal account so at the end of each month I tally them all up and make a single payment from my business account to my personal account.
I end up with double deductions (all the ledger entries and the payment from my business account).
Help!
The normal way to handle business purchases made with personal funds is to log the purchases as normal on the date they actually happen, but mark them as paid from the proprietor drawings or director’s loan account (depending whether you’re self-employed or a limited company) instead of the current account. Then when you “pay yourself back” that is simply a bank transfer between accounts, from the current account to the drawings/DL account.
Thank you Ian, much appreciated.
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