Fixed asset and capital loan connundrum

Good day,

I purchased some machinery for my business. Part of these were paid for by loans I gave to the business (which I’ve already accounted for), but the balance was paid out of a separate personal account. How do I do the following:

1.) Make the loan for the balance out to myself on behalf of the business.
2.) How best to add the remaining value to the fixed assets that I’ve already set up for the mchinery? Is a starting balance best?

Your question is not clear. You said part of the assets were paid for by loans you gave the business that were already accounted for. If you are loaning more money to the business, intending to be paid back over time, account for the new loan exactly the way you did the previous loans.

But, if you actually paid for some portion of the assets from your personal funds, enter an expense claim. See the Guide: Use expense claims | Manager. Depending on how you set yourself up as an expense claims payer, you can either reimburse yourself from company money or leave the purchase in the business as a contribution of capital, showing up in owner’s equity or a capital account, depending on the structure of your chart of accounts.

Assuming you use an expense claim, just post the transaction line item(s) to Fixed assets and the individual subaccount(s). I am assuming here that you only posted the amount paid directly from the company bank account previously.

Starting balances are definitely not to be used in this situation. They are only for when transferring balances from a previous accounting system.