Please can someone tell me in quickfile how i can make a loan i gave myself from my personal bank to my business bank a debt to the business. Ive added it into the bank account section and tagged it as a loan but it shows as money in rather than a debt. Im not sure what the proper accounts procedure is for this in quickfile. I could make myself a supplier and invoice for the amounts ive loaned but im not sure if that is proper practise.
If its a company, tag it as director loan account else capital introduced
No its a sole trader not a LTD, ive just basically lent myself the money for start up costs but i obviously want that to be a debt to the sole trader so it doesnt skew my figures of what ive spent so far.
So I have a seperate bank account for my new venture and I keep ploughing money from my personal account into it to buy stock. My partner also lent me some money which I will need to return to him once making a profit
Then you need proprietors drawings instead of directors loan account.
You will see what you’ve drawn personally out of the business and also you’ll see if you drill down in to that nominal the money you put in on the other side. If you don’t plan to draw any money or make any non business purchases the balance would remain that of what you put in to the business
Thank you, I dont plan on taking any money from the business except the original investment and pay back the loan my partner gave me.
In that case your proprietors drawings would show the money owed to you. Any money taken back from this should be tagged the same way which will reduce that balance.
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