I hope someone can help me. Before we set up our business bank account everything come in and out of our personal account. I know how to record the purchases we made during this time using the owners equity account and the relevant purchases account, but I am unsure how to record the sales we received.
We use link my books which brings all our sales in via journals and then we currently match the bank transactions against these, which is so easy and simple. So Link my books has brought in all the sales for the entire period, which is great, but how do I match the transactions received from my personal account without creating duplicate income. I can allocate it to the owners equity but then which other account do i allocate it to which enables me to match it to the journal from link my books? I need to offset the income we received into our personal account as we used this money to by supplies etc. I hope this makes sense.
