Entering expenses from personal account

  • 1
  • Question
  • Updated 4 years ago
  • Answered
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?
Photo of Sarah Schroeder

Sarah Schroeder

  • 70 Points

Posted 4 years ago

  • 1
Photo of Rav

Rav, Community Manager

  • 91,250 Points 50k badge 2x thumb
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
Photo of AddItUp

AddItUp

  • 596 Points 500 badge 2x thumb

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

Photo of Qwerty

Qwerty

  • 7,906 Points 5k badge 2x thumb