I'm new to QB Online so please bare with me!
I have just become incorporated and I transferred all of my funds from my sole trade account over to my ltd company as a directors loan account as my accountant said this was the best route to dealing with the money I had in the account.
Now a few of the payments made into the old sole trade account should have come into the ltd account but for one reason or another didn't. This cash came over in the transfer.
My question is how do I attribute the invoices I am now making to log the payments to the loan that came over from the sole trade account?
Have you already set up a loan account within ltd company and is there an amount in it?
If you have can you clarify that are you now wanting to make payments using the money within the loan account?
Hi and thanks for the reply!
Yes the loan is set up and has a balance. I'm not 100% sure that's what I'm wanting to do though. Let me see if I can explain better.
I transferred X as a directors loan from my sole trade account to give myself a starting balance.
Some of X was not income from the sole trade business but was payments that should have been made to the ltd company account (but weren't).
Without thinking it through I transferred all monies in at once meaning there was sole trade monies mixed in with ltd company monies.
To make sure my accounts all line up nicely my accountant has said I should make an invoice of any ltd company transactions that came through in the lump-sum of money and then attribute that invoice to the loan to show that money in that lump-sum is ltd company money not a directors loan.
Does that make more sense?
The loan account has been set up in QuickBooks, part of the amount is meant to be a loan from your sole trader account, but also the other part of the amount in the account is meant to be income from customers relating to the ltd company?
Do you have access to Facebook or Twitter? If so, could you PM us (QuickBooksUK) with some screenshots of the account? We would like to have a look at this in a bit more depth, and make sure we're definitely on the same page!