When I set up my company last year I made 3 lump sum capital injections from my personal bank account to my business account. I’m not sure how to record and tag these. I’ve shown all purchases made via my personal account before my business account was opened as entries in the DLA, likewise, purchases made using my personal credit card (no business credit card yet). Is that right? Thanks
Any cash introduced to business or payments made on behalf of business from personal account would end up in director loan account as balance due to directors by company
Yes, but, what do I record it as? There is no ‘purchase’ to reconcile.
You just tag money came in bank to director loan a/c, no purchase invoice needed for this
Thanks. I was really asking because was it already recorded but, under the wrong account and I couldn’t change it. I’ve deleted it and started again and have now tagged it as a payment into the account from the DLA.
You dont need t delete entry for wrong category posting, you can move it to another code or detag it to tag again
Just a thought, I believe that the expenses should be treated (and dated) as having been incurred on the date of incorporation of the company (as they can’t be before that date). I think you are relying on s61 of the Corporation Tax Act, 2009 to make this legitimate.
It wasn’t a category posting. I think I’d made things more complicated than they needed to be and had set up separate account. I’ve removed the account and had to delete the entries to do that. Thanks.
Thanks, they were after the date of incorporation.