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Hi Inspire2B
Thanks for your post. When personal funds are paid into a business account you would record a Receive Money transaction. The Deposit to account is the bank account the funds are deposited into and the allocation account is a Director loan or Owner's contribution type account.
For example:
If you're not sure about the correct allocation account I'd recommend speaking to your accountant as this will depend on your business set up.
Please let me know if you need further help.
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I did it this way. See attached file.so I will need to redo the item as you have said. I lnow the file allocations etc.
Hi Inspire2B
If personal funds are paid to a business account you need to record a separate Receive Money transaction just for that amount. Selecting the account the funds are deposited into in the Deposit to account field will create a deposit transaction in that account which you can match when reconciling with the actual bank deposit. Selecting a Director loan or Owners Contribution type account allows you to track how much personal funds has been introduced into the business.
For the Spend Money transaction in your screenshot, you'll need to remove the Payment by owner line and reduce the amounts so that the payment reflects the actual payment made.
Please let me know if you need further help.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
Thanks for the info.
