babblebottoms
2nd February 2010, 12:40
I have got in a bit of a mess trying to prepare Ltd company monthly accounts. I have to submit Y/E accounts in March so running out of time.
In July 2008, we purchased bulk stock and took out a personal loan, not associated with the company, to pay for it. The idea was that sales would cover the loan repayments. Due to personal circumstances, we left things
dormant for several month, finally got things moving later in the year but then fell pregnant in early 2009 and things were left again for a while.
The problem is that funds have rarely left paypal to go into our bank account for me to take the loan payment or have a proper reconciliation.
Added to that, we have three paypal accounts and three ebay accounts, one for the business, one for our personal use and one set up for my mum for personal use. Everything we have sold for business use has stayed on the business ebay account. However, payments have gone across all three paypal accounts and similarly payments for personal items have used funds generated from the business.
My plan was to go through all the ebay transactions linked to the business and document the payments received against overheads, loan payment, ebay and paypal fees related only to the business transactions. We have never physically taken payments for the loan so my thinking is that any moneys taken for personal use would effectively be this payment and can be allocated against the capital loan. I am pretty certain the business still owes us money rather than the other way round.
My concern is should I be producing a trail which shows exactly where money goes or is it ok that as l have an accurate detail of sales that are business related and costs that are business related, I can work out what the actual bank balance should have been on a monthly basis and at year end.
In July 2008, we purchased bulk stock and took out a personal loan, not associated with the company, to pay for it. The idea was that sales would cover the loan repayments. Due to personal circumstances, we left things
dormant for several month, finally got things moving later in the year but then fell pregnant in early 2009 and things were left again for a while.
The problem is that funds have rarely left paypal to go into our bank account for me to take the loan payment or have a proper reconciliation.
Added to that, we have three paypal accounts and three ebay accounts, one for the business, one for our personal use and one set up for my mum for personal use. Everything we have sold for business use has stayed on the business ebay account. However, payments have gone across all three paypal accounts and similarly payments for personal items have used funds generated from the business.
My plan was to go through all the ebay transactions linked to the business and document the payments received against overheads, loan payment, ebay and paypal fees related only to the business transactions. We have never physically taken payments for the loan so my thinking is that any moneys taken for personal use would effectively be this payment and can be allocated against the capital loan. I am pretty certain the business still owes us money rather than the other way round.
My concern is should I be producing a trail which shows exactly where money goes or is it ok that as l have an accurate detail of sales that are business related and costs that are business related, I can work out what the actual bank balance should have been on a monthly basis and at year end.