Just waiting on my ROS registration to go through to get P2Cs. I’ve been advised by my accountant to use Directors Loan Accounts to balance the purchases made by the LTD co since incorporation – that were paid out by Sole Trader bank account. (Still waiting on LTD co account to be set up). Looking through the Bullet CHart of Accounts I don’t see Directors Loan accounts – do I use Funds Introduced or Owner Equity, or should I create a new account? Many thanks in advance, cannot WAIT until I get all this stuff transferred and the headache is over…

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Just waiting on my ROS registration to go through to get P2Cs. I’ve been advised by my accountant to use Directors Loan Accounts to balance the purchases made by the LTD co since incorporation – that were paid out by Sole Trader bank account. (Still waiting on LTD co account to be set up). Looking through the Bullet CHart of Accounts I don’t see Directors Loan accounts – do I use Funds Introduced or Owner Equity, or should I create a new account? Many thanks in advance, cannot WAIT until I get all this stuff transferred and the headache is over…

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Peter Connor ⋅ Staff February 5, 2017
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Hi,
Cool. Deffo don’t ever try and setup employees manually. It’s a mare. Just import the P2C file and we setup everything for you.
If you click on Money In > Directors Loan you’ll find a workflow and we’ll automate the accounts in the back end.
Bullet is setup to do everything automatically for you. Keep away from the Chart of Accounts and tweaking. Keep it simple and you’ll never have a problem.

#answer-4709
  1. Ailfrid4 February 5, 2017
    Thanks Pete. I'll have to wait for the P2Cs to come in then, to be able to choose a Director in Directors Loan. Another quick question - I got an income tax rebate from the Revenue for 2014/15 for the sole trader business. The cheque came in after incorporation of the LTD co so will have to put it in as Money In somehow? Do I add Revenue as a Client to do this?
  2. Peter Connor February 5, 2017
    You'll need to ask your accountant if you put it in as income you'll be taxed on it. As far as I know you shouldn't pay tax on rebates as it's tax back.
    You'll need to use the Manual Journal Entries as it's not very common so we haven't built a workflow.
    Your account will advise on that, we can't give that advise I'm afraid.
  3. Ailfrid4 February 5, 2017
    Grand - it's only for €26 so I won't be retiring on it anyway. One last thing I can't get my head around - Since the Ltd Co was incorporated (end Oct) we have made purchases for the business out of the Sole Trader bank account. (Still waiting on the Ltd Co bank account to be set up.) Accountant advised us that all purchases since end Oct should be attributed to the LTD co, and hence to use Directors Loan Account to balance it out. So when I set up the Directors Loan in Bullet I should put in an amount that is enough to cover all those purchases, and date it for end Oct. I'll also have to choose the LTD co bank account as the account the loan was paid into (once we get the account details from the bank.) Is that right? So confused by all this crossover stuff.
  4. Peter Connor February 5, 2017
    Sounds right but there are lots of ways to do accounts. Take your accountants lead, he knows the context of your business.
    I wouldn't sweat to much about it. If you make a mistake it can be easily fixed.
  5. Ailfrid4 February 5, 2017
    ok cool. The funny bit is my accountants want me to switch to Excel from bullet
  6. Peter Connor February 5, 2017
    Well we automate them, that's why. So in a weird way it's a compliment. Their days are numbered.
  7. Ailfrid4 February 5, 2017
    I have to go into their offices on wednesday to show them how to export data from Bullet, cos they had trouble in Oct when doing our income tax. hilarious
  8. Peter Connor February 5, 2017
    Why don't you use an modern account that works with Bullet?
  9. Ailfrid4 February 5, 2017
    It's my uncle/godfather's firm - they do me a good deal, but I'm considering it. Not sure how to extricate myself without offending, if I can figure that out I'm golden
  10. Peter Connor February 5, 2017
    Ha. We'll let me know. We've a couple of good young accountants.
    They don't need to export anything from Bullet. We create all your mid year tax returns and they just need your management reports for the year end. Simple!
  11. Ailfrid4 February 5, 2017
    Cool. Thanks for that.

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