Messy start to my Quickfile account!

[MrP]

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!

[Paul_Courtier]

You tag them as being paid from the proprietors drawings account.

Then when you pay yourself back you tag those payments to the same nominal.

[JohnJ]

Following Paul’s answer, if it helps with reconciliation so you can tick back to the statements, you could create several more accounts, either following the Proprietors Drawings Account in the chart of accounts or as (additional) bank accounts. (Dummy bank accounts have a lot of uses in QuickFile.) Then when you’re in a position to repay yourself simply journal the balances across to the Proprietors Drawings Account and clear them by tagging the payments in the same way.