Owners transfer coding
Hi. Could someone tell me the correct code to use for transferring recorded Business Sale funds from business account to the Owners personal account? Thanks!
Hi DC71
Thanks for your post. Generally speaking, if funds are physically transferred from the business bank account to a personal bank account you could record a Spend money transaction. Select the business bank account in the Pay from account field and allocate it to an Owner's drawings (equity) account or Directors Loan (liability) account.
I would recommend speaking to your accountant about the allocation account to ensure it is correct for your business set up.
Please let me know if you need further help.
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