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DC71's avatar
DC71
Experienced User
3 years ago

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.

     

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

  • 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.

     

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

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