So its a new startup and when paying for materials/tooling from personal funds with a view to be reimbursed at a later date when there are more funds in the company, I have followed the video linked below and done it step by step which all seems to be ok but I have three questions
1) The steps in the video differ from the text that are below it in that the text also mentions creating a journal entry or switching to accountant view. I'm not understanding the journal entry part.
2) The second option of switching to Accountant view I can't seem to find? It's supposed to be in Settings/Account and Settings/Advanced/User View but its not there or anywhere else I see.
3) My owners investment amounts are increasing the front end dashboard sales figures, is this correct?
Everything else in QB is fine and dandy, I have payroll all set up and VAT/MTD estimating and invoicing is all good and normal expenses coming from the company account are all straightforward but I just have a nagging doubt about the owner investment bit.
The directors current account (other current liabilities) is where you would normally record expenses you have paid for , however this would normally be done by a journal, which makes things more complicated.
It’s easier to set up a bank account on Quickbooks and call it “your name expenses” that way when you enter an expense (paid at the time) or bill (on credit or paid monthly) you pick your expense account from the bank field.
If your sales are going up you’re probably entering the expense as an invoice (sales), remember they use American terms for transactions