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Hi,
I could be being a bit dim here so apologies if I am.....have just got my practice license I am in the process of attempting to do my own books for the start up costs in the previous tax year, most of which were paid for out of my personal account at the time.
I've created the supplier record, added in the relevant invoice but how do I go about clearing that invoice as it was paid from a personal account?
If I do a journal entry to the creditors control account from the capital account (as effectively by paying for it myself, I've invested additional capital into the business as per a previous thread discussions), it will have an impact of the creditor control account but doesn't clear the invoice?
Any help greatly appreciated please.
Many thanks in advance,
Jo
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