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…
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