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Transferring money to keep bank account topped up
Posted: Sat Nov 04, 2017 10:18 am
by 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
Re: Transferring money to keep bank account topped up
Posted: Thu Nov 09, 2017 11:20 pm
by stevespfwe
Any ideas?
Re: Transferring money to keep bank account topped up
Posted: Mon Feb 05, 2018 1:11 pm
by kevinlypia
Hi
Did you ever get an answer to this question?
Re: Transferring money to keep bank account topped up
Posted: Sat Mar 10, 2018 2:40 pm
by 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."
Re: Transferring money to keep bank account topped up
Posted: Sat May 25, 2019 3:36 am
by 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
Re: Transferring money to keep bank account topped up
Posted: Tue May 28, 2019 2:02 pm
by roy
Hello Jane
The method you have said is correct. You credit the giver and debit the receiver
Kind regards
Roy