I lent money to my business prior to getting the bank feed set up and now I can’t see how to manually add that to quick file. Can anyone advise?
Hi, if you are a limited company then it is a transfer between accounts, from Director’s loan account to your business account. If you are a sole trader, it’s just a bank transfer from the proprietor’s drawings account to your business account.
Go to your drawings or loan account and click create. enter the date when you transferred the money, some details and the amount, and click on out transaction. When tagging that line you can choose your bank account or you create a loan account before hand and use this one. That way it is easier to see when paying the loan back.
Hope this helps
Hello @Pegstar
This was taken from the article attached.
“Recording an initial investment”
Let’s say you open a new business bank account and deposit £500 into the account as start-up capital. Recording this is quite straightforward, you can first either import your bank statement or enter the transaction manually on the bank.
Click the ref “Tag me” button and select the option “Transfer between accounts”. On the drop-down list you can now select the option “Proprietor Drawings Account”. This will transfer the funds into the proprietor drawings account and mark the entry as tagged…all done!
You can use this method whenever you invest your own money into the business.
I have attached the article link below
https://support.quickfile.co.uk/t/sole-trader-bookkeeping-the-basics/8808
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