I have a question related to the tagging of entries related to a loan. I started my business in 2014 and borrowed £1000 from my wife. In 2015 I borrowed another £2000 from my wife making an outstanding debt of £3000. I repaid both of these loans as a lump sum in March 2017.
I only have my data in QuickFile back to the beginning of Apr 2016 so no record of an outstanding loan is recorded. However I now need to tag the loan repayment of £3000 to account for it correctly.
Should I create a new bank account for the loan with a starting balance as of 1 Apr 2016 of £3000 and then tag the repayment as a bank transfer into that account to clear the debt?
ps - I initially asked this question on the back of a closed thread that was about a similar issue but that thread seems to have been resolved so I was unsure if it would be flagged up again. Sorry if I should not have done that.