Introduce payment made for a business

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Introduce payment made for a business

Hi there,

 

A large amount of money was introduced into the business before the bank feed was set up. Is there a way to manually add this in to the account?

 

Just to clarify, I would like to introduce these funds as owner contribution. Just don't know how as it was not part of the bank feed. 

 

Thank you Smiley Happy

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Ultimate Partner
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Re: Introduce payment made for a business

@Dhiya 

 

You should be talking to your Tax Accountant.

 

If you have a Company, it may well be a Loan from the Director under Non-Current Liability.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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Re: Introduce payment made for a business

Just to clarify, I would like to introduce these funds as owner contribution. Just don't know how as it was not part of the bank feed. 

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Re: Introduce payment made for a business

Hi @Dhiya 

 

Assuming that the funds were deposited into the business account prior to the bank feeds starting, how did you account for the opening balance for the bank account? 

 

Does the bank account reconcile?

 

To enter a deposit to a bank account that has not come through the bank feeds, you would normally enter it manually from Banking » Receive Money selecting the bank account that the funds were deposited to and allocate to Owner Contribution.

 

Hope this helps,

 

AlanT

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Re: Introduce payment made for a business

@Dhiya @AlanT 

 

Dhiya,

 

You are indicating that the Business is a Sole Trader.

I would have a Equity Account called Owners Capital - Name of Proprietor December 2019.

 

As Alan mentioned, do a Receive Money (to enable completion of a Bank Reconciliation).

Create a Card File with the same description as the Equity Account.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days

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