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How to allocate bank transaction from personal account to business account

Bhola

Hi,

I am a new user of MYOB Business Pro. Recently I made some transfer from my personal bank account to Business account for business use. This transfer appears in myob bank transaction. This is an investment amount from director in the business when there was no money available in the business bank account, but later needs to be reimbursed. What account should I allocate this transaction to? Any help will be highly valued.

Also, if reimbursement is made later, what is the allocation for this?

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Accepted answers

Princess_R

Hi @Bhola,

Thanks for your response.

Your concept of setting up a "Borrow and Reimburse" header, complemented by "Borrow" and "Reimburse" as sub-accounts, is quite a clever approach! In general, personal funds funneled into the business are often viewed as either a director's loan or an owner's contribution. You can try to check out this Community Forum post, which may provide some guidance related to your inquiry.

However, it's crucial to remember that we're not accountants, so we can't provide specific guidance on which accounts to create and allocate transactions to. It's always wise to have a discussion with your accountant.

Feel free to create a new post again if you need further help.

If my response has answered your inquiry, please click "Accept as Solution" to help other users find this information.

Cheers,

Princess

All comments

Bhola

Thanks Genreve for your support. That helps a lot.

Thinking about creating something as

Header 'Borrow and Reimburse' and

Detail account as 'Borrow' and 'Reimburse'.

Do these sound sensible?

Regards

Bhola

Genreve_S

Hi @Bhola,

Thanks for posting.

I understand the struggles we face learning a new application. From what I gather, it's advisable to establish a distinct ledger account specifically for recording transactions related to your account. This is because these transactions don't align with any business categories present in the default ledger. Once you've set up this dedicated account, you can code all transactions associated with it in the account you've created. I recommend reading through this article 'Adding, Editing and Deleting Accounts' if you need further guidance on this process.

If you need more assistance with this, it would be beneficial to consult with an accountant or financial advisor to ensure the accuracy of your books.

Should you need further assistance, don't hesitate to start a new thread.

If my response has answered your inquiry, please click "Accept as Solution" to assist other users find this information.

Thanks,
Genreve