I’m in the process of setting up as a sole trader street food vendor, and I plan to go live in about 3 months time.
I’ve just set up my quickfile account and I’m starting to put in some of the costs that I have already had:
Equipment, training costs, and some ingredients for trials.
I get that equipment will be an asset (plant and machinery) and training costs will be training. What should I put the ingredients down as?
Now to my main confusion: I’ve started inputing the receipts I have for the various things I have purchased. The problem I have is that they have all been paid from various places; a personal account, a personal joint account and also prepaid credit card (that I get cash back on).
I plan to open a business only bank account and get a loan to start the business, so once I do that I’ll be able to link the bank account and have all transactions accounted for.
What do I do with the transactions that I already have? Can I wait until I have the business account open and transfer back to my personal account the value of those transactions so they reconcile?
Thanks for your help!