How do I record Payments made from personal bank account

Question

There are some expense for my business that are paid from my personal account.

How do I record these payments on MYOB, so I can have an accurate P&L and BAS report?

Isaiah_C · Answer

Hi @Paws_Please,

From the screenshot you've provided, it seems like you've set it up under the correct category but it's still not appearing where expected.

To ensure the owner's contribution appears in the bank account section when recording a payment, you'll need to change the type of Owner's Contributions. Instead of selecting 'Other Current Liability,' choose 'Credit Card' as the account type. This will allow it to be processed correctly and reflected in the Record Payment section.

Regards,

Sai

Paws_Please · Answer

Hi @Earl_HD

I have purchased a number of things via Afterpay, Zip, and my personal bank account. I was using Xero prior and it was easy to include these kind of payments.

I have attempted a number of times to set up Öwner's Contributions"in the Liability section (as below in Screenshot 1 - tried a variety of ways in setting it up either under Header and Detail or individually under either Header or Detail). In this case, I set it up like the Credit Card liability but it still isn't showing in the Äccount payment type.

Screenshot 1

As you can see it isn't showing in the Bank Account section in screenshot 2

Screenshot 2

Can someone show me in screenshots how to set this up please?

Thanks

Earl_HD · Answer

Hi @Gourmet24 ,

Thanks for your post. I would like to check if you're still having this issue?

In this type of scenario, we recommend consulting an accountant for an accurate solution. However, here's an idea: to record business expenses paid from your personal account in MYOB, create a new liability account called "Owner's Contributions." Use the Spend Money function, selecting this account in the Pay from Account field, and allocate the expense to the appropriate expense account. Then, enter a General Journal Entry to credit the "Owner's Contributions" account and debit the relevant expense account. This ensures your Profit & Loss statement and Business Activity Statement are accurate.

Feel free to post again, we're happy to help!

Regards,
Earl