Pre purchased equipment for Company by owner

Accounting
1

Hello All,

My first post of many no doubt.

Simply, I have purchased equipment for a company I started before it was incorporated from my personal account.
What supplier name do I use?
And will it be different if they are a capital asset?
And how to ensure through Quickfile that its noted/added/explained the company needs to reimburse me.

Example:
£100
Smoker bought from Ebay, paid for from my personal PayPal

£1200
Computer pc equipment bought from various suppliers in total, paid from my personal account.

Thanks in advnace

2

Use director loan account (DLA) instead of company bank account as payment source. You can either book invoices and pay it using DLA or go to DLA and enter transaction to tag it to relevant expense or asset account. Your DLA balance is liability for company to pay back

3

Thank you FaradayK for replying.

To be clear…

If I used the DLA I could bundle all the purchases into one? And how would capital purchases work then? (for the bigger expenses) or is it best not to define those and make it easy under one DLA

4

You can tag purchases/expenses, capital items, cash or bank from DLA a/c

5

Great thanks.

I went through the tag options and can see now the capital option.
So I see I need to input each purchase separately if I wanted to tag it them something different unless they were the same.

Thanks again. Very clear :slight_smile:

6

You can book items from DLA account or any other bank account directly or you can book purchase invoice and mark it paid using DLA or bank as source, what ever you do make sure not to duplicate thing, i.e book purchase invoice, mark it paid or not and then enter payment from bank or DLa again to tag it to relevant accounts