Hey there, I just set up a company. I have paid for some stuff out of personal money. I have been adding them in bullethq (i have lots more to add). I see the only way I can document paying the money back into my personal account is through the payroll app. Is that correct?

Hey there, I just set up a company. I have paid for some stuff out of personal money. I have been adding them in bullethq (i have lots more to add). I see the only way I can document paying the money back into my personal account is through the payroll app. Is that correct?

1 answer

Peter Connor Staff May 23, 2016
Public

Hi Alex,
Are you a limited company or sole trader?
Pete

#answer-3379
  1. alexgartla May 23, 2016
    it's a limited company. This app is so much better than xero for startups btw!
  2. Peter Connor May 23, 2016
    Cool. So the only way you can take money out of a company is via expenses and payroll. But, expenses are part of payroll. If you're a limited company you'll need to set-up payroll to get money out of the company.
    Have you setup payroll before?
    I know, we're actually the same spec as Xero we just use a big layer of software that knows all the accounting rules so you don't have to. That's why it's workflows. So you wont see ledgers or any accounting terms that Xero uses you also get instant Pete. Hi!
  3. alexgartla May 23, 2016
    so if i wanted to get the expenses back now and not pay myself anything can I just do a zero payslip?
  4. Peter Connor May 23, 2016
    Sure, say you've 1000 in expenses you can also edit the box in payroll to 400 and carry on the 600 to next month. Keep building those expenses up.
    Use our mileage tool and run a trip to cork and back - and you'll see how much mileage is work
  5. alexgartla May 23, 2016
    Great - I will do that.

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