I'm just setting up a new company on Quickbooks 2008. They had bought stock and equipment just prior to the business starting from their personal account. I'm struggling to post these to the directors loan account. I have entered the invoices in to enter bills but can't seem to then pay them from the directors loan account. Am I just being really thick today?? Is there any easier way to show these purchases in the accounts.
Not that familiar with QB but I know with a lot of software, you need to create a psuedo bank account to handle the payments.
What I have done in the past is to make payments from the Directors "bank" account them at the end of the month journal out the balance from the bank account into the DLA. The other alternative could be to journal directly from the DLA to the appropriate expense account.
I do QB and it won't let you do it the way you are trying, I normal do as Bill says and journal from the DLA to the exp account. Or do what Bill says and set up a separate Bank account for this then just transfer at the end of the month etc.
HTH
-- Edited by Amanda on Tuesday 22nd of February 2011 12:44:56 PM
