This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. To find out more about cookies on this website and how to delete cookies, see our privacy notice.
Analytics

Tools which collect anonymous data to enable us to see how visitors use our site and how it performs. We use this to improve our products, services and user experience.

Marketing

A bit of data which remembers the affiliate who forwarded a user to our site and recognises orders from those who become customers through that affiliate.

Essential

Tools that enable essential services and functionality, including identity verification, service continuity and site security.

Transferring money to keep bank account topped up

Tips and advice on how to use Landlord Vision.
stevespfwe
Posts: 13
Joined: Thu Sep 07, 2017 11:31 pm

Transferring money to keep bank account topped up

Postby stevespfwe » Sat Nov 04, 2017 10:18 am

Hi,

How would I represent a transfer of money from my personal bank account to my letting bank account (purely for the purposes of keeping it topped up for cashflow)

I don't think it's classed as "income". What can I enter to reconcile the bank statement?

Could I represent it as a loan?

Thanks
Steve

stevespfwe
Posts: 13
Joined: Thu Sep 07, 2017 11:31 pm

Re: Transferring money to keep bank account topped up

Postby stevespfwe » Thu Nov 09, 2017 11:20 pm

Any ideas?

kevinlypia
Posts: 2
Joined: Sat Feb 03, 2018 9:40 am

Re: Transferring money to keep bank account topped up

Postby kevinlypia » Mon Feb 05, 2018 1:11 pm

Hi

Did you ever get an answer to this question?

stevespfwe
Posts: 13
Joined: Thu Sep 07, 2017 11:31 pm

Re: Transferring money to keep bank account topped up

Postby stevespfwe » Sat Mar 10, 2018 2:40 pm

Suggestion is:

"You would be best off recording this as a journal entry, as you can use the journal to move money around without it appearing on your tax reports. Create a liability account in Settings > Chart of Accounts and call it Director's Loan

Then go to Account Manager > Journal > Add Journal and enter the following transactions
Line 1 Account Directors Loan -- Credit Amount
Line 2 Account Bank -- Debit Amount

You do not need to select a property when doing this."

under_a_ro
Posts: 1
Joined: Mon Apr 01, 2019 11:44 pm

Re: Transferring money to keep bank account topped up

Postby under_a_ro » Sat May 25, 2019 3:36 am

New to Landlord Vision. This may seem obvious to others but I need things simple. So, as Director, I'm transferring £1000.00 from my own personal account to top up my business account. In journal I have a Director's Loan account and also personal bank account.
so I put £1000.00 as credit into the Director's Loan acct and £1000.00 as debit from the personal account ?

Jane

roy
Posts: 37
Joined: Tue Aug 23, 2016 11:38 am
Location: United Kingdom

Re: Transferring money to keep bank account topped up

Postby roy » Tue May 28, 2019 2:02 pm

Hello Jane

The method you have said is correct. You credit the giver and debit the receiver

Kind regards
Roy


Return to “Functional Support”

Who is online

Users browsing this forum: No registered users and 1 guest

cron