I’m new to QuickFile and my company is new. I as a person have lent money to my company to set things up in two different ways and I don’t know how to log them properly.
I made a bank transfer from my personal account (not linked with QuickFile) to my company account. I then linked the company account with QuickFile and set the opening balance as the amount transferred. How do I log the loan?
Prior to setting up the company, I made a series of purchases from my personal account, which I want to upload the receipts for and log them as loans to the company. How do I do that?
Thanks in advance.
You’ll want to use a directors loan account to show this. If you have already created the opening balance for your business account you can do the same with the Directors Loan Account but your opening balance will be a negative rather than a positive.
You can then also tag the receipts as being paid from the DLA if you paid for them yourself.
Hope this helps
Purchases prior to incorporating a business are not business expenses, they are personal expenses.if you want to sell those purchases to your company then you can, but they will be new purcahase receipts paid via the DLA. Not the original ones.
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