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Post Info TOPIC: Start-up costs
corinne


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Start-up costs
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Hi Everyone,
Could somebody tell me how you introduce start-up costs into your business for things you have purchased from your personal funds? As I have bought lots of small items that add up to a fair amount.
Many thanks, Corinne

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Fay


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Hi Corinne,

You need to debit the relevant expense/asset codes with the costs, and credit funds introduced with the total in your capital account.

Fay

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corinne


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Hi Fay

Thanks for that. Do you mean I have to total the amount I,ve spent and credit it to my capital account?

Corinne

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AccountantsCircle


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You could also enter this as a loan to the business, so credit a liability account which you can draw the funds back on to reimburse yourself.

Yes, the total of your spending to either your capital account or the loan account, and the other side as usual... all dated on the day they were introduced to the business (ie Day 1)

John Gesch
The Accountants Circle
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John Gesch
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corinne


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Thanks John. I knew it must be something simple.
Have a good day.
Corinne

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