I have looked through the other postings but I just cannot get my head around the actual process of the repayment and how it is tagged and how it is transferred from savings.
An earlier question asked the following, which matches well with my situation for my limited Company.
I have money in a savings account (Business reserve account) and a DL account showing a - figure owing to me, this figure is from where I have paid bills, bought things for the business and tagged it from the DL account.
I now wish to repay myself from the business and the money is at the moment in the reserve account, transferring it to the current account is easy as I do transfers between accounts each month, as below.
I am stuck with the next stage of transferring the money I am paying out of the current account and making sure that the balances are correct in all the accounts when I’ve finished!
- Savings account £2000.00 transferred to and (tagged to Current account)
- Current account £2000.00 paid to me Money Out (tagged to Directors Loan account)
Am I on the right track but not tagging correctly?
Thanks in advance for any help with this?