Forum Discussion

David007's avatar
3 years ago

Expenses

Hi,

 

Brand New User here.. Please forgive me if i am wrong or appear confused..

 

I am a sole trader (Australia) doing contract work,  I spent money on expenses (3) for the company using my personal card prior to my business account becoming active. 

 

I created a bill for each item allocating them to their expense group (Stationary, Printer Supplies etc...)

1. How do i record the payment for these?

2. How do i personally recover these funds?

 

Cheers

 

David

  • Hi 

    I suggest that you set up a bank account called owners funds and pay the bills from there.

     

    you can then journal the bank balance to your owners contribution/ drawings account

     

    hope that helps

     

    Lisa

  • LRBooks61's avatar
    LRBooks61
    Ultimate Cover User

    Hi 

    I suggest that you set up a bank account called owners funds and pay the bills from there.

     

    you can then journal the bank balance to your owners contribution/ drawings account

     

    hope that helps

     

    Lisa