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dberner's avatar
dberner
Member
2 months ago
Solved

Solo Trader here - Person account to Business Account and back

Hi, I am a solo trader. I am in the process of setting up my business bank account, but have been using my person bank account for income and expenses in the mean time.  I have a couple questions,...
  • Earl_HD's avatar
    Earl_HD
    2 months ago

    Hi dberner,

    Thanks for sharing the details. In this type of issue, we'd recommend reaching out to an accountant for an accurate answer. You can also visit this help page, that will also give you more information about: How to set up a sole trader business bank account.

    Regards,
    Earl

DuncanS's avatar
DuncanS
Ultimate Partner
1 month ago

dberner​ Earl_HD​ 

 

I presume you a Sole Trader.

 

Lets say the Business Bank Account has been created by the Bank.

 

Personal Deposits/Withdrawals to/from the Business Bank Account would be posted to the Equity Account Equity/Drawings.

 

I would still reconcile the Personal Bank Account for some time.

 

Duncan

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