Transferring money to keep bank account topped up

[stevespfwe]

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]

Any ideas?

[kevinlypia]

Hi

Did you ever get an answer to this question?

[stevespfwe]

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]

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]

Hello Jane

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

Kind regards
Roy