I have a few questions and would like to know if I am going in the right direction please.
1)The company has a sole owner(self employed), shall I set the director/shareholder loan as a “capital account”? And each time I input some cash in, do a transfer from the capital account to the main currency account?
2)In my old software I used to have these accounts:
Main Bank(where all the money is received from other accounts)
I cannot find a way to set the Main Bank as a “Bank account”, I can only see “Cash account”, did I miss something?
3)When creating a Cash account there is a tick box about “this account is maintained by a financial institution” What does this do please?
4)Regarding the multi-currency, if I receive a payment in my Paypal USD but wish to transfer this amount to my “Main Bank” that is set to Euro, how will the gain/loss be added to please? Will this be calculated automatically upon clicking on “transfer”?
5)Regarding the multi-currency rates, I see I can set a rate, but how can I have all the rates set within the last 3 month automatically please as I cannot see myself inputting each daily rate every time…is there a clever trick for this please?
Thank you all!