Totally New to this - Opening Balance - Start up

Hi All , im totally new to the world of bookkeeping and accountanting . I spent alot time reading up on it though , so I think i got a good chance on achieving something from this cloudbase program =]

I have started a new Limited Company , and i will be putting in my own personal money to get the ball rolling , so my Question is " If I am giving the company a £1600 kick start, will I record this as a opening balance for a Directors loan a/c or put the transaction in as “Money Out” of DLA and in to Petty Cash or Current a/c.

Hi Jake,

If you are putting your personal money into say the current account, input a new transaction in the current a/c screen. Once you have inputted the transaction you will see it in the current bank statement and status as “Tag Me”. Click on the “Tag Me” and choose the transaction type as “Bank transfer between accounts” then choose account option “Directors Loan Account” then Save.

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Thank you for the response kdunroe , I was a slight unsure but that has cleared that shortfall . i am sure you will see some post off me in the near future … (5 Minutes most probs)

No problem. You can get a lot of help here.

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