Forum Discussion

ClLW25's avatar
ClLW25
Member
6 months ago
Solved

Personal capital

Hi , how do I record a transfer from my personal to my business account? Its obviously not an income?

Thank you (I tried virtual help but they tell me ti record as income?)

  • Jared-Solo's avatar
    Jared-Solo
    6 months ago

    Thanks for that Claudia ClLW25​, I thought that was the case but I wanted to make sure.

     

    Injecting some start up capital into your business and recording that investment in Solo is possible, and here's how:

     

    1. From the Home screen, tap on Money in
    2. From the Money in screen, hit the [ + ] button at the top right corner and select 'Record income'
    3. Fill in the date and payment category, and change the 'Income type' to 'Personal' (selecting personal removes the option to pick an 'Income category'
    4. Enter the total of the investment and add a note (optional, but potentially useful as a reminder to yourself in the future)
    5. Tap Save to record the (non-business) income

    This will record as personal income and not reflect as income generated by the products or services you offer.

     

    We'll put our hands up to say we haven't made it as straightforward as we could, and I've brought your feedback to the product team. They think it could be better too, and we'll discuss ways to improve the design and additions to our help content.

     

3 Replies

  • Jared-Solo's avatar
    Jared-Solo
    MYOB Staff
    6 months ago

    G'day ClLW25​ and welcome to the Solo community! 👋

     

    Great question, and quite a tricky one, so it's worth slowing down and making sure we’re recording it the right way for your setup.


    Just to make sure we’ve understood you correctly: it sounds like you’ve transferred some of your own personal funds into your business account and you’re now trying to record that in Solo without it being treated as taxable income. Is that right?


    If so, we’d love to know a bit more about why you made the transfer to understand the outcome you're looking to achieve.

     

    Knowing the reason behind the transfer helps us guide you to the cleanest way to track it in Solo — without confusing your tax estimates.

  • ClLW25's avatar
    ClLW25
    Member
    6 months ago

    Hi Jared, the transfer is made as "owner's contribution" - It is still early days in my business and I need to invest into it ,I.e. owner's equity. Perhaps this isn't something myob solo is set up for?

    Thanks! 

  • Jared-Solo's avatar
    Jared-Solo
    MYOB Staff
    6 months ago

    Thanks for that Claudia ClLW25​, I thought that was the case but I wanted to make sure.

     

    Injecting some start up capital into your business and recording that investment in Solo is possible, and here's how:

     

    1. From the Home screen, tap on Money in
    2. From the Money in screen, hit the [ + ] button at the top right corner and select 'Record income'
    3. Fill in the date and payment category, and change the 'Income type' to 'Personal' (selecting personal removes the option to pick an 'Income category'
    4. Enter the total of the investment and add a note (optional, but potentially useful as a reminder to yourself in the future)
    5. Tap Save to record the (non-business) income

    This will record as personal income and not reflect as income generated by the products or services you offer.

     

    We'll put our hands up to say we haven't made it as straightforward as we could, and I've brought your feedback to the product team. They think it could be better too, and we'll discuss ways to improve the design and additions to our help content.

     

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