Hi, during some parts of the year I’ve had to pay some money from my personal account to my business account to stop it going into the Red (meaning £8/day bank charges!).
How do I classify this on Quickfile? It’s not a payment for a sale from a supplier so not sure how it should be classified.
Thanks for your help!
If you are a sole trader, tag the payment as a transfer from your proprietors bank account.
If you’re a company, do the same but from directors loan account
6 months late but thanks a lot! Does this mean the business needs to pay me back if it’s coming from the Directors Loan Account? Thanks!
Generally speaking - yes. If the DLA is in the red, then the business would owe you that money