Personal Money on Business and more..

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Personal Money on Business and more..

HI there,

Before I took over the accounts, my bookkeeper set up the money we spent from our personal credit card on the company as follows: -

2-1100                                   Credit Cards                       Liability

                2-1110                   Directors Loan                   Credit Card                         NT

AND

                2-1140                   Visa #2                                  Credit Card                         NT

 

There is no profile, details, banking or history that I can see so I am unsure where these accounts are at?  How do I find out what transactions have been made etc. Thanks

Also, if I wish to change the name (instead of directors loan), is that easy enough to do?

How do I input money spent from our personal account on the business and how do I make repayments?

 

Another question, personal business loan from a family member has been set up under two different accounts

1st Loan is under Current Liabilities

2nd Loan is under non-current liabilities

I am unable to combine these accounts and again, there are transactions but they don’t seem to match what I have done?

Am I able to combine these loans?

Cheers!

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Re: Personal Money on Business and more..

Hi @HalesS

 

Thanks for your questions

 

The best way to view the transactions that are inside the file and relate to the specific account are to use the Find Transactions feature of AccountRight. Inside the Find Transactions window, you can choose to search by Account, using the Account tab and changing it from All Accounts to Account and then you can select the specific account you are trying to find transactions for.

 

You can also specify a date range when using the Find Transactions feature of AccountRight. If you were wanting to see all of the transactions that had gone against the account, then you would be looking at putting in a very broad date range, such as 1/1/2000 – 31/12/9998. This would show you all of the transactions inside the file. If you didn’t see transactions in this window it would mean that the information doesn’t exist in the file and may have been purged during a previous financial year rollover.

 

You can change the name of the account by going into the Accounts List, clicking on the arrow beside the account and amending the details, such as the name of the account and the account number.

 

You can combine the two accounts using the Combine Accounts Feature, however if they have been setup under different sections, such as current and non-current liabilities then certain reports will have classified these two accounts differently, such as in the statement of cash flows, you may want to speak to your accountant regarding any implications that this will have on your file

 

Please feel free to post any other questions that you may have.

Regards,
Neil

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Re: Personal Money on Business and more..

Thanks Neil,

So where and how do I enter monies spent from our personal account on the business?

 

Cheers

Hayley

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Re: Personal Money on Business and more..

Hi Hayley ( @HalesS )

 

I’d encourage you to speak to your accountant over this, to ensure that these transactions get entered correctly and the right accounts are used. Your accountant will be able to advise you of anything that you need to be aware of with these transactions

 

Depending on what your accountant advises you may be able to use a spend money transaction or a journal entry to record those transactions.

 

Please feel free to post any other questions that you may have

Regards,
Neil

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