Set any account as a bank account?

[shaun.g]

Hi, I’m trying to assign purchases as being paid to a non-standard bank account, specifically an “ordinary share” account. Is this possible?

many thanks,
Shaun

[QFMathew]

Hi @shaun.g

Payments of invoices are restricted to the bank accounts on the account, but perhaps we can help with an alternative method?

You mention the ordinary shares nominal. Are you recording the initial share capital for the business?

[shaun.g]

Hey, the share capital is being paid for in stages by way of setting outstanding invoices. (Yes a little complicated). Essentially it would have been ideal to be able to mark purchase invoice as laid using the share capital account.

We have looked at journals but they won’t give us the granularity of record that purchase would

Any suggestions welcome!

[ian_roberts]

You may have to use a holding bank account as a bridge, or maybe you could get away with just using the director’s loan account - tag a transaction on that account to share capital and balance it with a matching transaction tagged to the invoice.

[shaun.g]

It wouldn’t be right to report using directors loan account i don’t think, if they aren’t a director.

So the suggestion here is to create a “shareholder current account”, and mark all purchases as paid via this account? Again this won’t show up in the correct place but if its the only workaround then i guess i have no choice!

I also assume in the same vein there is no support here for share premium accounts?

[Glenn]

Journals should give you as much flexibility as you need in terms of nominal ledgers. Most of the other stuff in QuickFile, e.g. invoices, purchases, bank entries are just an abstraction above journals.

You wouldn’t typically use invoices to account for paid up share capital. Perhaps recurring journals would work here?

[shaun.g]

This is the thing, the share capital is being paid by settlement of invoices. Using journals didn’t allow me log the detail of invoices/use multi currency etc.