Account Keeping Plus – Business Administration, Bookkeeping, Compliance News & Tips MYOB Reckon Quickbooks Xero Software Training Small Business

Making Business Books and Accounting Come Alive! MYOB Reckon Xero

Cashflow Tips – Loan Money To the Business – Record it in the books

Leave a comment

Example: To start up my business, I deposited $2000 of my own money to the business bank account. Obviously I want my $2000 back at some stage when business has made the money back. How do I register or properly deposit $2000 into my cheque account and then later on, how do I reimburse myself?

How To Loan To the business: Set up a new account in the Current Liabilities area 2-XXXX and call it “Pete’s (Your Name) Loan Account”.  Set the type up as credit card in MYOB, or choose Credit Card Account Type in Quickbooks. Using Spend Money (MYOB) or Credit Card Charges (Quickbooks), use the new account 2-XXXX as the “bank” to spend from at the top of the transaction window, and the business bank account at the lower account allocation. Use NO Tax code.

How to pay yourself back: When you repay/reimburse yourself use Spend Money, more…

For The Full Article Click on       “Loan Money to The Business”      at


Author: Account keeping plus (Business accounting software

Administration, Bookkeeping and Compliance for small business, and Self-Managed Super Funds (SMSF) Training, trouble-shooting, or we can do the books and payroll for you! Self Managed Superannuation Fund Service Provider, Free support 30 min call 0407 361 596 Australia (+61 drop 0 from overseas) MYOB Certified Consultant, Reckon/QuickBooks Professional Partner.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s