Forum Discussion

jetski's avatar
2 years ago

Splitting business / personal transaction on a spend money transaction

Hi again!

 

I'm trying to link all receipts to transactions in the business account.  I have a receipt that has 3 items and 1 of these is a personal purchase (using business debit card).   There is a Director Loan account but I'm not sure how to split this transaction so the full amount is allocated.  I'm VERY new to this.

 

Thank you in advance.

  • Hi jetski,

     

    Thank you for your post. Allow me to extend you a warm welcome to the Community Forum. I hope you find plenty of information in this forum. 

     

    We appreciate you expressing your concern to us. Regarding your concern on how to split personal transaction on a spend money transaction, it is basically, when personal funds are paid into a business account you would record a Receive Money transaction. The Deposit to account is the bank account the funds are deposited into and the allocation is a Director Loan or Owner's contribution type account. If your not sure, we recommend speaking to your accountant.

     

    For an added information that you can use as a reference:

    • If the business owes you money you can create a Director loan liability account in Accounting >> Chart of accounts>> Create Account. Select Credit card as Account Type.
    • If you deposit personal funds into the business bank account, record a Transfer Money transaction, The From account is the Director loan liability and the To account is the business bank account.
    • If you make a purchase with personal funds, record the Spend money/Bill payment transaction as normal but select Director loan liability in the Bank Account field.
    • If the business repays the loan, record a Transfer money  transaction. The from account is the business bank account and the To account is the Director loan liability account.

    Please let us know if you need further help. We are happy to assist. 

     

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

     

    Kind Regards, 

    Cel

     

  • HI jetski,

     

    We just want to check back with you regarding your concern. If you still need assistance or if you have questions or concerns, please contact us again. 

     

    Kind Regards, 

    Cel

     

    • Hi Celia,

       

      Thank you for getting back to me on this question it is appreciated.

       

      Can I clarify, as I am still confused a little.

       

      I do a spend money or bill transaction for the 2 items on the receipt that are business and

      I do a receive money transaction for the single item on the receipt that is personal, from the director loan/owners funds account I have set up.

       

      Am I understanding correctly?  Thank you for your patience.

       

      Juliet

      • Celia_B's avatar
        Celia_B
        MYOB Staff

        Hi jetski,

         

        Sorry for the late response to this post. May I ask how you go on with this? As for your question, when personal funds are deposited into the business account, you would record a receive money transaction from the director's loan account that you have set up. 

         

        Please contact us again if you have other questions or concerns. We are happy to assist. 

         

        If my response has answered your enquiry, please click "Accept Solution" to assist other user find this information 

         

        Kind Regards, 

        Cel