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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:80
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


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