My business is in the startup phase. I have my own cash investments as well as other cash from family/friends to deposit into our business account, to be used for initial startup cost expenditures. etc. Over time some family members will be giving cash to help with the expenses of the business. These family members dont want anything in return, and the money is not a loan to be paid back. It is a gift. How should the cash be recorded in Sage? I am using the hotel and restaurant template for the chart of accounts but I dont know which nominal code to use, or if I should create a new one just for these gifts. The second part of my question is, how should cash injections from business partners be recorded? How should sells of shares be recorded? What if someone gives cash in exchange for shares/equity, but the cash amount may not be equal to the share selling price?
Thanks for the advice.