How to account for start-up costs paid by directors

[ceeci]

Hi

We recently set up a Ltd company, and we are two directors.

Whilst we were waiting for our business bank account to open, we had to spend some of our own money on various expenses.

How do I pay back expenses occured for both directors (paid from their own personal money) prior to bank account being set up. Do we just create some expense forms and keep them with the relevant receipts and then pay a lump sum back to us each for these expenses?

I have decided to use VT Cash Book to record all our transactions, as it seems straight forward.

Thanks in advance,

C

 

[CassioAcc]

Set up a Bank Account called directors loan and record it here. You can then pay yourselves back when you like.

Good choice with VT.

 

[ceeci]

Thanks, that is what I'll do.

C