Hi,

I'm hoping someone can help here. I have 2 questions.

Basically, we set up a Ltd Company not long ago and used our personal funds to pay for lots of things for the business. I messed up by not keeping track of all the purchases from the start. (long story). Now I need to enter all of these purchases manually. 

My first question is, which section of Purchases do I post these costs to? (Expenses or Paid for?) They are for all sorts of different things (website, stationery, phones, laptops, Solicitors etc). Most of them are paid for but there are a few that were yearly subscriptions that are paid monthly. I'm going to put the monthly payments into Bills but what about all the ones that are paid in full? Do I post them all through expenses? Payments made? etc.

The next question is related to this. Do all of these costs that we paid for from personal funds go into the Directors Loan Account?

Can anyone give me a good description of what the difference is between Expenses and Paid for, please?

(Sorry that was 3 questions)

Thanks in advance 

David