What about for limited company. I've used my personal card to buy inventory for my business (reselling). I do ecommerce (Amazon). What should I do with other irrelevant personal transactions on my personal bank account? Do I still need to reconcile them?
Love love love your videos and the way you teach me new things, everytime when no one could. Thanks so much but I wonder if you have a video for the same thing, drawings, but for a limited company? or is it just the same treatment?
@@XUSolutions do you know if for tax purposes they are treated the same? like aslong as you cancel the loan amount with the directors salary then theres no loan interest to be paid right? Its basically the same as a draw?
This always confuses me. So, lets say im in xero panel, I look at my monthly profit to see what I have earnt (I also pay myself eg. £3000 a month). So, if my profit is currently at £2000 this then means I am actually in the minus by £1000 ??
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Very helpful, and wonderfully clear. Thank you!
This was really helpful, thank you.
What about for limited company. I've used my personal card to buy inventory for my business (reselling). I do ecommerce (Amazon). What should I do with other irrelevant personal transactions on my personal bank account? Do I still need to reconcile them?
Thank you - this is very useful :)
Thank you! Very Helpful!
Glad it was helpful!
Love love love your videos and the way you teach me new things, everytime when no one could.
Thanks so much but I wonder if you have a video for the same thing, drawings, but for a limited company? or is it just the same treatment?
You’re welcome. For a limited company you would use the directors loan.
Could you explain how to enter monies introduced for a limited company in xero
Use a Directors Loan Account and code all receipts and payments there.
@@XUSolutions do you know if for tax purposes they are treated the same? like aslong as you cancel the loan amount with the directors salary then theres no loan interest to be paid right? Its basically the same as a draw?
@@Chris_t0 which country are you in, as tax rules are different. I can only really answer for the UK.
This always confuses me. So, lets say im in xero panel, I look at my monthly profit to see what I have earnt (I also pay myself eg. £3000 a month). So, if my profit is currently at £2000 this then means I am actually in the minus by £1000 ??
Very helpful 👍
Glad it was helpful!
Thanks a lot
😊
Can you talk how to create project on xero
there are videos on the channel covering Projects
Hello sis tell me plz