Hi, I’m trying to setup a Ltd company in QF. It is partly working but I cannot see anyway to record a directors investment, and QF doesn’t seem to be working correctly. I have credited (as in paid in money to the bank) and tried to use your tagging system. Transfering it to the directors loan confuses this as a withdrawal when actually I’m crediting the account. The loan account should then have a +ve balance. I subseqently withdrew the money but the directors loan moves in the wrong direction.
More importantly, the money invested was not a sale, so it should not show up as turnover. I’d have been happy to put up with leaving the funds as ‘untagged’, but I can’t have this showing up as turnover. What is really needed is a “shareholders reserves” account and a way to ensure that funds added show up as reserves etc not as turnover; infact from what I saw if I hadn’t made a correspnding withdrawal my investmene would have counted a sale and I’d have been paying tax !!!
Any suggestions?
Hello @AddingUp
>It is partly working but I cannot see anyway to record a directors investment, and QF doesn’t seem to be working correctly. I have credited (as in paid in money to the bank) and tried to use your tagging system. Transfering it to the directors loan confuses this as a withdrawal when actually I’m crediting the account. The loan account should then have a +ve balance. I subseqently withdrew the money but the directors loan moves in the wrong direction.
If the director pays money into the bank it would show as a Money in on the bank account.
You would then tag this as a bank transfer from the directors loan account as this is where the money came from.
It would show as negative on the directors loan account as the business owes this money to the director
A withdrawal would just be handled in the opposite way
A money out of the bank account tagged to the directors load (reducing what is owed)
>More importantly, the money invested was not a sale, so it should not show up as turnover
It would only show up in the turnover figures until it was tagged.
Untagged transactions show in the suspense account as you have not told the software where the other side of the transaction should be posted (where the money came from/went to).