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December 2021
December 2021
The owner has personally paid for a couple of business expenses out of this own pocket. Bank Feeds are not up and running as yet (new user), so the transactions need to be entered manually.
Some of these business expenses the owner paid for are for a specific job. I need to record the expense toward the jobs "Cost of Sales" but also record the expense as "Owners Funds Introduced"
Please advise how to correctly enter / code this.
I come from using Quickbooks Online, there you would enter the transaction and allocate the cost to the project, and then create another transaction line with the same amount but in a negative value and code this as Owners Equity.
December 2021
December 2021
Hi @SL20
Creat a bank account called "Paid from personal funds" - then the accountant can transfer this to the capital introduced at year end.
December 2021
December 2021
Hi Jennie
Thank you for your response. Would this "Paid from personal funds" Bank Account be set up as Asset, Equity or Liability?
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