Setting up - recording cash injection

Thanks Paul! You're a great help

Sorry to trouble you again. I have managed to successfully import a csv statement so I am just going through it now. Where I have to explain receipts it shows payment method but only shows 4 options yet one of the transactions was paid with a debit card which doesnt show, its listed under the payment methods but not where the transaction explanation is?

Thanks, I'm going to give it a go then and see how I get on!

You're welcome - I should say that one of the principle benefits of cloud accounting is the importing & explaining of bank statements and each system is different so it really is worth a try if you have lots of transactions.

Thanks, yes I'm working my way through the guides! Personally I dont like linking the bank statements as I had tried this before with another accounting software and it got into a right muddle! I therefore don't mind doing it one by one. I'm just trying to get to grips with the new software and getting it started. I've managed to enter the £50 so it now shows as £50 in my current account and the DLA with a minus balance of £50 so I think I'm on the right track! Thanks again for your help, it's much appreciated!

Hi Ryan - it sounds like you might need to do some scanning through the guides to get a better feel over the basic bookkeeping within CB.

Most people get the bank transactions into the books by uploading a CSV spreadsheet that they've downloaded from their internet banking or allowing a 3rd party company "Yodlee" to do it for them. You give Yodlee your bank login and it goes off, gets the screen view of the transactions and copies them over.

When you open the statement in CB you have to go though each line and explain what it is, so this could be an item of income or expense or paying off an invoice or bill you've already entered (that records the income or expense) or is a transfer to/from another bank account, like the DLA. When explaining each line the first two types of transaction are entered on the "Transaction" tab and the last on the "Transfer" tab.

If you don't want to upload and explain all of the week's or month's bank transactions in this way you can, as you say , do them one at a time using the Money in, Money out or Transfer links next to each bank account on the Bank screen.

Alternatively you can do a load of items at a time by re-creating your own bank statement using that link next to the account, on the same screen.

Thanks for such a quick reply. Please excuse my ignorance here but once I have set up the DLA in the system do I now record £50 as "money in" to that account followed by a "transfer" to my bank account?

Hi Ryan - In CB director's loan accounts are set up as if they were a special bank account and so you can set this up by adding a bank account and using the type "Directors loan account".

Once this is done, when you come to explain the £50 from the bank statement you just treat it as a transfer from the Director's loan account. Once done the loan will appear as a negative balance, like an overdraft, ie the company now owes you £50.