Gocardless merchant account further questions

[Glenn]

@ianjh

Something is not quite right with what I did though. The gocardless transctions are showing up as a debit under bank charges.

Debits and credits are reversed for double entry bookkeeping so that sounds normal to me! See the explanation below:

Incorrect postings to Directors Loan Account

One thing that is very counter intuitive in the world of double-entry accounting is that in the context of bank accounts, debits and credits are reversed from how we normally interpret them. If you’ve got a string of bank transfers to fund the company along with various expenses you have covered “out-of-pocket” then the DLA account should be in the red. This sounds exactly like what you have described and is how it should be. The company owes you money so on the balance sheet that overdawn DLA …