Entering expenses from personal account

Sarah Schroeder

I am using the trial version of Reckon Lite in my search to find a decent software program for a small business. I can't seem to find how to enter expenses when we have purchases supplies etc from our personal account. As this is a new business we are purchasing everything ourselves so far and i would like to attribute these to capital drawings (or whatever the term is) - they are not invoiced items either more like cash purchases. However, in reckon i can't seem to find a way to journal this easily?

Rav

Hi Sarah,

You'll need to have an account for your expenses and an equity account for your personal contribution. You can then process a transaction by a general journal: Advisor > Journals.

Cheers
Rav

AddItUp

Hi Sarah

In order to record all the cash purchases made from personal funds.  I set up a new bank account which I input all payments done from personal funds.  I find this easier for looking up whom and when I have paid items and it also help keep track of how much the business owes me.  At the end of the financial year your accountant can then do a bulk journal to the equity account.

Thanks

Lynda

Qwerty

Hi Sarah,

Here are some previous community threads that relate to your question.

https://community.reckon.com/reckon/topics/transferred-money-from-personal-bank-account-to-pay-bill
https://community.reckon.com/reckon/topics/how_do_i_enter_owners_contribution
https://community.reckon.com/reckon/topics/where_do_i_list_my_non_business_related_expenses_in_recko...