Ive just started a new business and have a ton of receipts for purchases to start up. I am waiting on payment from my first client, how do i enter these purchases as ive already paid for them out of my savings?
thanks
Hi @Annapurna1
Thanks for the post. Since you already paid them out of your savings, the best way to handle this situation is you need to create a personal bank account or a director loan liability account by going to Accounting>>Chart of accounts>>Create account, then you can record the transactions by selecting the new account that you had created in the Pay from account field. This will ensure the purchase is correctly posted to the applicable expense account.
If you're not sure which type of account to create, I do recommend speaking to your accountant.
Please let me know if you need further help.
Kind regards,Sai
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