Whenever you pay money into your company, whether this is a deposit from your personal bank account or your own personal funds in cash, you should record a new bank deposit.
To record a bank deposit, navigate to the ‘Banking’ tab and then click on the blue ‘New bank deposit’ button in the ‘Recent bank deposits’ box.
The “New Bank Deposit” form that you will then be presented with requires information about the deposit you are recording.
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Simply choose the bank account which you are recording the deposit for and the date.
Then, in the ‘Deposit Method’ section, use the drop-down boxes entitled ‘Company cash’, ‘Company cheques’ and ‘Director's money’, to choose the relevant section.
Generally speaking, if you’re putting your own personal funds into the business, for example, a bank transfer to cover some business startup costs, then you’ll enter the amount in the ‘Director’s money’ field so that the amount is reflected correctly as being owed back to you personally. If you have multiple directors in the business, you’ll have the option to specify which director the money is owed back to by entering the bank deposit amount against that director's name.
Once you’ve done this you’ll receive confirmation that your bank deposit has been created and it will now be displayed in the list of bank deposits of your account.
Need to pay yourself back for expenses paid for personally, or bank deposits?
Please see our helpful article on director withdrawals, here
Do you have a negative ‘Director Loan Account’ balance?
This can, more often than not, be caused by director withdrawals being recorded without the correct dividends issued with them. Please see here for guidance.