Initial Capital and Directors Loan - Split Transaction

[RichardB]

Hi - i am trying to close accounts for our start up.

I noted that the initial money i put into the business (£5,000) should be split £50.00 for 5000 1p shares - fully paid.
The balance being a directors loan / opening / of £4950.

I took the transaction from the bank feed and split it.

You can see i get an error message - You Can Not post to the same nominal as this Bank Account.

Also - i created a new Directors Loan Account nominal for each of the 3 x Directors so that its easy to work out who has loaned in vs the others.

Help please - thanks RB

[ian_roberts]

That message suggests that you’re trying to tag a transaction in the loan account (1254) rather than the current account where the money was deposited.

If you’re trying to correct an initial balance of -£5000 in the DL account to be £4995 loan and £5 shares then all you need for that is to create a £5 money in transaction on the loan account and tag that to ordinary shares, leaving a residual balance of -£4995.