Where do I record my start-up costs?

[andie_d]

Hi there, I’m brand new to QuickFile having just launched my own business as a sole trader.

Before I launched the business, I incurred quite a few costs paid for from my personal funds - not the business funds. These include items of stock, stationary and computer equipment. I have all the receipts.

However, I’m not sure where to record these costs within QuickFile. If anyone can help, I’d be most grateful. As I say, these are all from my personal money.

Thank you, Andie

PS Same question for going forward if, for whatever reason, I pay for something with my personal money, but it’s 100% for the business.

[alan_mcbrien]

Here’s a bit of info on dealing with your start-up costs…

How to assign year start values to assets, liabilities and capital accounst

Here’s a link to an article that maybe of help Bringing in bank balance from old system “Rename this single starting journal as your “Trial Balance” and then add your other nominals that have balances you will get an overall opening of your account in the one place.”

[andie_d]

Great stuff. Thanks, Alan, I’ll have a read.