Who owes to whom – me to business or business to me?

To separate your own finances from the finances of the business, consider the amount you put into and take out of the business.

Finmap has the appropriate types of receipts and write-offs to do this.

If you spent your own money paying a business expense, it means that, in effect, your business received a credit from you. Create an expense with the type “credit repayment”, specify the amount you want, the account (e.g. “cash desk”), and yourself as the counterparty.

The money received by the business will be credited to the account, and then you can create an expense for that amount, indicating what was paid – rent, purchase of goods, payroll or other.

The app will immediately show the debt and Finmap will show that you still need to pay that amount of money back. You can see this in the Analytics section, Accounts Payable report.

To repay this money, the type of Expenses is Loan granted, selecting yourself as a counterparty. Or, in the Accounts payable report, schedule the repayment of this loan (there is a special button on the right, Clear) and Finmap will remind you on the right day of this payment.

If you spent the business’ money for your own needs, create an expense with the type Loan granted, since the business is now essentially lending you money. The amount of the debt will be displayed in the Analytics section, the “Accounts receivable” report.

You can schedule a future payment right away, specifying the date when you are going to repay this loan, and Finmap will remind you on the day of this payment. You just need to confirm the payment in order to pay it back.

Finmap will take care of this itself and remind you when a future payment is approaching in the journal or postpone it to a new date.