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Post Info TOPIC: Mind Block
KChally


Veteran Member

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Posts: 38
Date:
Mind Block
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Hi,

oooppss had a mind block, owners equity or funds introduced?

Client has purchased stuff with own cash (actual cash) and I am putting them as expenses through business (legitimate expenses). Need to set up a new Cash Account and introduce some cash to cover these expenses?

 

Thanks

 

sorry basic stuff I know, but this has become a bit of a nightmare!!

 

 



-- Edited by KChally on Thursday 21st of September 2017 11:10:45 AM

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Karen
Cheshire


Master Book-keeper

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Posts: 8646
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Didn't i cover this on the last response on the last query or have I lost the plot (again!)

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 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
KChally


Veteran Member

Status: Offline
Posts: 38
Date:
Permalink Closed

Hi Joanne,

No its me thats losing the plot!! Looked back and yes you did to a degree. Just so Im clear this is what ive done and am going to do:

1. Have set up a new "bank account" but called it "cash account". Its showing on the balance sheet under current assets with a balance of (£1571.00) because Ive already put the expenses thru it.

2. Im going to put £1571.00 into this account, using Owner Introduced Funds, so this will bring it back to zero.

Ive not put these invoices thru as drawings, does that really matter?

I need a holiday!!

Thanks

__________________

Karen
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