sole proprietorship with respect to my PERSONAL books?

[Mark Phillips]

LOL....all of my companies seem to operate that way, too!

Mark
Sent from my Android phone.
On Feb 13, 2013 2:22 PM, "Colin Law" <clanlaw at googlemail.com> wrote:

> On 13 February 2013 21:13, Michael Hendry <hendry.michael at gmail.com>
> wrote:
> > ...
> > Like Mark Phillips, I am not an accountant, but I would advise setting
> up a "Loan to Business" or similar account as one of your Current Assets.
> Assuming the business is successful, the money will come back to your bank
> account and be posted as money coming into the "Loan to Business" account,
> which eventually reverts to zero. If the unthinkable happens, and the
> business goes down, you'll have to revalue this loan to zero. This could be
> done by setting up an Expense account called "Bad Debt Writeoff" - I'm
> busking it here - you might need to get a proper accountant to advise!
> >
> > I use this technique to deal with "Bank of Mum and Dad" loans to my
> offspring, who pay us back as cash becomes available.
>
> I do this too, but I think I need to report a bug.  Whatever I do the
> money always seems to go the same direction.
>
> Colin
>
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