Sage help if you please

[philip41]

We have just started a new business and it has fallen upon me to keep the accounts in order.
We have Sage instant accounts, now I would go and ask our accountant but he is on holiday until mid week.

This is money that I have introduced to the company’s bank account by means of a personal loan, I have transferred the money from my own bank account into the company account.
What I would like to know at this moment is how I go about entering our start balance into Sage.
Sorry if the above is vague but I am on a steep learning curve and know next to zip about keeping accounts.


Thank you

Phil

 

[Russ Hagger]

Is it a Ltd company? If yes, and it is not a capital transaction (you say it is a personal loan) then it should be debit bank account and credit 'new account - your name - loan account.

 

[kjmcculloch]

Hi Philip,

From the main scrren you need to go into company and click journals. after completing the reference and date. choose your main business bank account in N/C, normally 1200, and fill out the details. You need to debit this by the amount you introduced. On the next row choose the N/C 3102 (capital account) and credit this by the same amount.

Click save and thats it.

 

[philip41]

Russ yes it is a ltd company.


Thank you both for your help and advice.

 

[David Griffiths]

If ir's a limited company, then the account for the loan probably shouldn't be 3102 - have a look for 2300 - Loans and use that.

There is an alternative method to cover directors' loan transactions, which may be more useful if you are going to be paying company expenses out of pocket on a regular basis. Set up a new bank account - number 1260 perhaps, and process all personally paid transactions through that. In the case of the money that you've paid in, you simply do a transfer from the Directors Loan to the company current account. If you pay stationery, you simply record a bank payment from the directors loan to the stationery account, and so on.