Hi, I did 2 transactions from my personal account before Ltd company was registered (fee to companies House for registration and other for domain names registration). How do I record these in Quickfile correctly as technically I paid for these on behalf of the business? And how do I add a director’s loan to the business for this to be paid back in the future? Thanks
Hi
To be honest, it is a tricky question and you should ask your accountant about this. But I can say, if it is allowed, the invoices should be in your registered company name, address and so on. The invoice from the company house should may be okay, but as I said, I am not an accountant and you should may consult one.
If those invoices are allowed, then you would post them as paid from directors loan account.
For the domain name, if you registered it before forming the company then presumably the domain is registered to you as an individual. So that one might be a case of you selling the domain to the company rather than the original registration being a company expense, if you see what I mean.
Depends if the company is registered for vat. If it is, you could create 2 supplier accounts, log the invoices and then choose the bank account marked directors loan and pay the suppliers this route.
If not vat registered, you could choose bank account “directors loan” and log the 2 payments here via “something else” and choose a suitable nominal code.
Hope this helps.
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