Owner introduced funds

Hi Grace

Are you self employed or a limited company?

Hi Kevin, It's a self employed business :-)

Thank you, I will get on it straight away :-)

Thanks Kevin,

Spot on as always :-)

Thanks for covering this.

Grace, I hope this all works for you now and if you should need anything else at all, please let us know.

Many Thanks

Chris

Thanks for your help Kevin, all sorted! :-)

Hi there, how does this process change for a limited company? We have introduced an initial amount into the business which we expect to repay after our first sales invoice has been paid.

Many thanks

Hi Clare

You need to create what's called a Directors Loan Account under bank accounts (I did an old blog on DLA's if you don't know what one is http://platformaccounting.com/directors-loan-accounts-who-what-where-when-and-why/)

You would then class the cash injection as a transfer between DLA and bank account.

Thank you :-)