How to tag repayment of start up funds to director

Accounting
1

When I started the company I paid £800.00 into the company bank account as operating funds. I have transferred the same amount back to my personal account and would like to tag the transfer to show the transfer is repayment of startup funds but there appears to be no tag available for selection in the drop down menu, please advise an appropriate tag to use if there is one in the drop down menu

2

How did you tag the £800 when you originally lent it to the company? You essentially want to do whatever you did then in reverse.

The normal way to show a loan from director to company would have been to tag the £800 in on the company bank account as a bank transfer from the director’s loan account, so the repayment would be tagged as a transfer the other way.

3

The original transfer into the account was not tagged as the bank account was not linked to quickfile at the time.

If I could somehow backdate the bank account link to the time the company was set up (July 24) I could show both transactions and tag them the same.

Thanks for your response

4

So how did you record the original loan? Where does the £800 liability show on your balance sheet?

5

The original loan of £800.00 is not showing in the balance sheet, it is the first transaction in the company bank account. I am not sure how to show the loan in the balance sheet, I was trying to find a way to link the banking transactions made prior to linking the bank account to quickfile account but have been unable to find a way. Is there a way to make manual entries to the balance sheet that predate the link date?

6

You can add transactions to a bank account manually at any time with the “new transaction” button at the top, but if you had set an opening balance on the bank account (or you imported a trial balance that included the current account) and you add transactions prior to the opening balance date then you’ll have to adjust the OB to compensate.

Everything in QuickFile is double entry - you can’t add a liability to one place in the balance sheet without adding a matching asset or expense somewhere else.