Hi. We have a small business and at the beginning we need a confirmation if we doing it right or not.
I have already had a research in the forum and guides.
There is a UK based limited company which has three directors and shareholders. We contribute to the business equally.
We have got an appointment for open a business bank account on the next week, but we would like to receive our products asap so we payed the purchase order via our business paypal using Director1’s credit card.
I created the capital accounts in manager as well as the paypal account. For example:
Paypal account: £0
Director2 and Director3 transfered all their capital contibution to Director1, and Director1 payed for the purchase order via our business paypal with his personal credit card.
According to my opinion in Manager I have to “receive money” to paypal account from this three Capital accounts and then pay the purchase order with it. Is it right?
Later we would like to increase our personal contribution. How can we do that? Is it enough to create a journey and debit the capital accounts and then receive money to the bank account from capitals?
I appreciate your help.