Start up Expenses..

A

artdes

Registered User
Messages
15
Hi,
Can someone please advise where to include (if possible) start up expenses in TAS Basics. For instance I purchased a printer & PC from my personal funds prior to setting up as a ST and prior to opening my Business Bank Account. I subsequently transferred the cost of these from my business account to my personal account some months later. Should I just insert (in TAS) the cost of these items as per date when I transfered money..or...was this totally wrong?
Thanks
 
For all the assets you introduced
Dr Computer costs (or whatever expense code you want) Cr Capital Introduced

When repaid
Dr Drawings Cr Business Bank
 
No disrespect to Paddy but I dont think thats correct

Debit Asset (with the amount of goods purchased)
Credit Owners current account (with the same amount

When repaying the amount to yourself

Debit Owners current account
Credit Business bank account
 

Assuming that ST means Sole Trader then Paddy is right
 
Oh yeah - I was referring to the Capital aspect of the transaction only - totally skipped over the expenses vs asset issue.
 
Misread OP, computer and printer are to be capitalised.

The journal is correct in all other respects.
 
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