I am a sole trader, and I need to make a short term loan to my business to pay for Christmas stock. How do I do this? I assume I open a loan account and add the money to this, and then just pay myself back through transferring between the accounts? Thanks in advance
Hello @pixidaisy
You can record this by Adding a Money Out (Money out of your pocket) transaction on the Proprietors Drawings Account
You can then Tag it as a Transfer into the business bank account
If you’re putting the funds into your business bank account then you’d just tag the incoming transaction as a transfer from the proprietor drawings account, and when you pay yourself back it’s just a transfer back the other way.
If instead you’re directly using your personal funds to purchase the Christmas stock then you’d just log the purchase(s) as paid from the proprietor drawings account rather than the current account. And again, the reimbursements will be transfers from current account to drawings.
The option for a Proprieters Drawings account is greyed out
The option for a Proprieters Drawings account is greyed out. How do I get access to this
Hello @pixidaisy
Where is it greyed out?, in what screen?
Are you processing the transfer or doing a purchase?