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'Capital Introduced' - how to repay?
Hi
Last year my business partner and myself both injected £500 each into our partnership as a temporary loan. I categorised the two transactions through Freeagent as 'Money Received From User > Capital Introduced'.
Now we are in a position to be paid back our £500, how would I categorise that in Freeagent? There is no 'Money Paid To User > Capital Paid Back' option.
Lewis
Last year my business partner and myself both injected £500 each into our partnership as a temporary loan. I categorised the two transactions through Freeagent as 'Money Received From User > Capital Introduced'.
Now we are in a position to be paid back our £500, how would I categorise that in Freeagent? There is no 'Money Paid To User > Capital Paid Back' option.
Lewis
I’m unsure
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Inappropriate?Lewis,
That would be 'Drawings' - but as highlighted by another thread we're not quite reflecting this correctly on the balance sheet.
We're on the case... -
Inappropriate?OK ... but if we put the repayment through as drawings then we'd end up incorrectly paying tax wouldn't we?
Or is that the bug you are trying to fix?
I’m puzzled
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Inappropriate?No, the tax bill's the same since it's based on profit generated by the company (invoiced sales less expenses) rather than what's been taken out.
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EMPLOYEE
