My husband is a partner in a small family owned business. Recently the bank put the business accounts on hold, so that no bills could be paid. (Mother-in-law, who was a silent partner, passed away and some bank confusion ensued)
Several of the business bills were paid out of our personal joint account. My question is, how do we handle paying us back the money? I don't think we should book it to Drawings, do we just record the transactions as though they were to the suppliers, and give ourselves the money? What's the best way to handle this? The software is MoneyWorks Express.
I know there are quite a few posts that are related/similar, but if someone could really dumb it down and use small words, I would be grateful. Doing purchase ledger & payroll for a SME ltd company does not prepare me for this.
My husband says their accountant is rubbish so he can't ask them (!) I work in accounts in a limited company, so they (he and my sister-in-law) are trusting that I have a clue. Optimists! I don't want to steer them wrong, so any advice will be gratefully received.
