Initial transactions

Question asked by Deirdre Clark 3 years ago

We invested money in our small business and used this money to buy stock before we had opened a bank account. How do I record these transactions in Clearbooks? Thanks.

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3 Replies

Hi Deirdre,

You're more than welcome.

All the best,

Mohamed.

Best answer
3 years ago

Hi Deirdre,

I believe you can show this a payment into the business for the amount you invested and as a purchase of the goods by the business on a contra account. This should be a net £0 transaction overall. I would also advise speaking to an accountant.

All the best,

Mohamed.

3 years ago

I will do that. Thank you for your prompt reply Mohamed.

3 years ago

Hi Deirdre,

You're more than welcome.

All the best,

Mohamed.

Best answer
3 years ago

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