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November 8, 2022
Question

Hi there, excuse my ignorance but i would like to add reciepts for tools i bought prior to starting the buisiness from a private account, can someone help?

  • November 8, 2022
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1 reply

November 8, 2022

Hello Highlandplumber, 

 

Welcome to the Community page, 

 

So you will need to create a few new account in the chart of account section the first one being for the tools so if you go to accounting>chart of accounts>new> account type TANGIBLE ASSETS> detail type MACHINERY AND EQUIPMENT> name whatever you want to call it so can say tools. > save and close, then you will need to add the private bank account or petty cache account so same steps again to add the new account> then for account type CASH AT BANK AND IN HAND> detail type CASH ON HAND> name can call it petty cash>save and close.  And then you can add the receipts as expenses and then categorize it then the business can pay you back when needed.