Hi I am now to Quickfile and so far loving it!
My problem is my son and the way he uses his business account. I have told him a million times not to use his business card for personal purchases but it falls on deaf ears.
So I have a directors loan account, I have done what I thought was correct but not sure if it is correct, can somebody please help! This is what I have done.
- I have manual loaded up his bank account, so on the bank account I have an entry that says as an example
01/03/2019 XBOX (money out) £7.99 (Tag Me)
I have used transfer between accounts on the tag button and chose Directors Loan account.
This now shows £7.99 going out of the current account and on the Directors loan account its showing £7.99 as money going into the account, is this correct and could somebody explain this too me as I am so confused.