Hi,
I recently installed essentials.
I'm operating as a sole trader at this stage until levels are justified to be a formal company structure.
I need to introduce more funds into the business because Im about to place an order for stock. The funds will be taken from a personal mortgage facility and would need to be paid back at a certain stage.
Whats the correct way to do this?
1. Pay for stock via personal bank account then in MYOB I Receive money into a 'paid by owner' bank account (set up a credit card account for this), then pay the bill from this account and allocate accrodingly?
or
2. Receive money into the business transaction account and allocate to owners contribution?
Pay and allocate invoice accordingly
or
3. Receive money into cheque account and allocate to LT bank loan?
How would I process the payment to supplier then?
Factors to consider
How to raise the interest charge, it reflects in the personal bank account, this could be trf monthly?
Correct process to repay the loan.