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January 2020
January 2020
Hi,
I have done the following
1. Spent my personal money using a personal cheque and credit card to setup the company and pay for website hosting
2. Transfered my personal money from my personal cheque account to the company account.
I created a Credit Card LLiability Account called:
2-1100 Loan - From Director
Then Banking -> Spend Money ->
I recorded all my purchases I did with suppliers e.g. ASIC, Website hosting, Domain name etc
My balance sheet now reflects the correct liability owed to me.
I have 2 questions.
1. How do I record the money I transfered from my own account to the business acccount?
2. When the company has enough money, how do I record paying the director back?
Solved! Go to Solution.
January 2020
January 2020
Hi @Romiko,
Thank you for your post.
Cheers,
Melisa
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
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January 2020
January 2020
Hi,
Thanks for the advice. Will try this out. My only concern is for this scenario
When repaying the director, you can record another transfer funds transaction but the pay from account will be the bank account and pay to account will be the bank account. These transfer funds transactions should match the amounts actually transferred in Internet banking.
If I do the above. The Balance Sheet would still show a liability that the company owed money, since repaying the directory does not reduce the directory liability account?
February 2020
February 2020
Hi @Romiko,
My apologies I've made typo in my previous response, the Pay to account should have been the director loan account. This will clear the director loan liability account.
Please let me know if you have any further questions.
Cheers,
Melisa
MYOB Community Support
Online Help| Forum Search| my.MYOB| Download Page
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Mark it as a SolutionHelpful? Leave a to tell others
February 2020
February 2020
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DamonMahy
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