The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> Professional Book-keepers in Practice -> Mind Block
Post Info TOPIC: Mind Block
KChally


Veteran Member

Status: Offline
Posts: 38
Date:
Mind Block
Permalink  

Hi,

oooppss had a mind block, owners equity or funds introduced?

Client has purchased stuff with own cash (actual cash) and I am putting them as expenses through business (legitimate expenses). Need to set up a new Cash Account and introduce some cash to cover these expenses?

 

Thanks

 

sorry basic stuff I know, but this has become a bit of a nightmare!!

 

 



-- Edited by KChally on Thursday 21st of September 2017 11:10:45 AM

__________________

Karen
Cheshire


Master Book-keeper

Status: Offline
Posts: 8646
Date:
Permalink  

Didn't i cover this on the last response on the last query or have I lost the plot (again!)

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
KChally


Veteran Member

Status: Offline
Posts: 38
Date:
Permalink  

Hi Joanne,

No its me thats losing the plot!! Looked back and yes you did to a degree. Just so Im clear this is what ive done and am going to do:

1. Have set up a new "bank account" but called it "cash account". Its showing on the balance sheet under current assets with a balance of (£1571.00) because Ive already put the expenses thru it.

2. Im going to put £1571.00 into this account, using Owner Introduced Funds, so this will bring it back to zero.

Ive not put these invoices thru as drawings, does that really matter?

I need a holiday!!

Thanks

__________________

Karen
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> Professional Book-keepers in Practice -> Mind Block
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About