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Mits1's avatar
Mits1
3 years ago
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What account do I put when transferring some money from business account into personal account?

Hi, I'm new to using any accounting software so this is a basic question.

I am a sole trader and put all of my received payments into business account but would like to transfer some into my personal account for my personal use.

Is it correct that I choose "Owner's drawings" under Equity account for account keeping?

 

Also, I need to put some money into my business account so that I can pay expenses. If I transfer money from my personal account into business account, is it "Owner's funds introduced" under Equity account as well?

  • Genreve_S's avatar
    Genreve_S
    2 years ago

    Hi cccacherrybrook, 

     

    It's great to have you in our Community Forum! I know how navigating a new software a bit of a challenge can be, but we're here to help.

     

    To locate your superfund's USI, you might want to check your annual super statement or the superfund's website. It's also possible that the superfund you're trying to add has a different name in our system. So, it might be helpful to go through the list of super funds to find your specific fund.

     

    For a deeper understanding of how our application manages superannuation funds, this article 'Set up Superannuation Funds' could be quite useful.

     

    If you need more assistance, feel free to reach out. We're here to support you.

     

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

     

    Thanks,
    Genreve

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  • Tracey_H's avatar
    Tracey_H
    Former Staff
    3 years ago

    Hi Mits1 

     

    Thanks for your post. Generally speaking, Owner's drawings is used for funds transferred out of the business for personal use and Owner's funds introduced is for personal funds paid into the business account. However, it is best to speak to your accountant to ensure these accounts are applicable 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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Hi, I'm new to using any accounting software so this is a basic question.

I am a sole trader and put all of my received payments into business account but would like to transfer some into my personal account for my personal use.

Is it correct that I choose \"Owner's drawings\" under Equity account for account keeping?

 

Also, I need to put some money into my business account so that I can pay expenses. If I transfer money from my personal account into business account, is it \"Owner's funds introduced\" under Equity account as well?

","body@stringLength":"570","rawBody":"

Hi, I'm new to using any accounting software so this is a basic question.

I am a sole trader and put all of my received payments into business account but would like to transfer some into my personal account for my personal use.

Is it correct that I choose \"Owner's drawings\" under Equity account for account keeping?

 

Also, I need to put some money into my business account so that I can pay expenses. If I transfer money from my personal account into business account, is it \"Owner's funds introduced\" under Equity account as well?

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background-size: contain;\n background-position: center;\n}\n.myob-social-links .twitter a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 6%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0Zm5.33,10c0,.12,0,.23,0,.35A7.75,7.75,0,0,1,5.4,16.92a5.48,5.48,0,0,0,4-1.13A2.73,2.73,0,0,1,6.89,13.9a2.73,2.73,0,0,0,1.23,0,2.73,2.73,0,0,1-2.19-2.67v0a2.73,2.73,0,0,0,1.23.34,2.73,2.73,0,0,1-.84-3.64,7.74,7.74,0,0,0,5.62,2.85,2.76,2.76,0,0,1-.07-.62,2.73,2.73,0,0,1,4.72-1.86,5.49,5.49,0,0,0,1.73-.66c-.2.64-.23.87-.79,1.21a1.46,1.46,0,0,0,1.34,0A5.8,5.8,0,0,1,17.33,10Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .googleplus a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 4%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0ZM9,17.5a5.5,5.5,0,1,1,4.1-9.17L11.61,9.67a3.5,3.5,0,1,0,.56,3.84H9v-2h4.47a1,1,0,0,1,1,1.11A5.49,5.49,0,0,1,9,17.5Zm10.5-4v2h-2v-2h-2v-2h2v-2h2v2h2v2Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .facebook a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 1%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,0A12,12,0,1,0,24,12,12,12,0,0,0,12,0Zm3.51,12H13.2v7.2h-3V12H8.4V9.58h1.8V8.29A2.61,2.61,0,0,1,13,5.4h2.6V7.77H13.81a.58.58,0,0,0-.61.66V9.58h2.56Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .linkedin a:before {\n background: url(\"data:image/svg+xml;charset=utf8,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 24 24'%3E%3Ctitle%3EAsset 5%3C/title%3E%3Cg id='Layer_2' data-name='Layer 2'%3E%3Cg id='Layer_1-2' data-name='Layer 1'%3E%3Cpath d='M12,24A12,12,0,1,0,0,12,12,12,0,0,0,12,24Zm1.82-10.71a1.2,1.2,0,0,0-1.2,1.2v4.2h-3s0-7.2,0-7.8h3v.89A3.72,3.72,0,0,1,15,10.91c1.78,0,3,1.29,3,3.78v4H15v-4.2A1.2,1.2,0,0,0,13.82,13.29ZM6.91,9.69h0A1.47,1.47,0,0,1,5.4,8.2,1.44,1.44,0,0,1,6.93,6.75a1.47,1.47,0,1,1,0,2.94Zm1.51,9h-3v-7.8h3Z' style='fill:%23687480'/%3E%3C/g%3E%3C/g%3E%3C/svg%3E\")\n no-repeat;\n}\n\n.myob-social-links .instagram a:before {\n background: url(\"data:image/svg+xml;base64,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\")\n 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Staff","color":"333333","icon":null,"rankStyle":"TEXT"},"User:user:211931":{"__typename":"User","id":"user:211931","uid":211931,"login":"Tracey_H","biography":null,"registrationData":{"__typename":"RegistrationData","status":null,"registrationTime":"2019-09-16T09:19:30.928+10:00"},"deleted":false,"email":"","avatar":{"__typename":"UserAvatar","url":"https://community.myob.com/t5/s/myob/images/dS0yMTE5MzEtMjM3MTlpNjk4MTY1M0JEQUU3MUYyRg"},"rank":{"__ref":"Rank:rank:194"},"entityType":"USER","eventPath":"community:myob/user:211931"},"ModerationData:moderation_data:761388":{"__typename":"ModerationData","id":"moderation_data:761388","status":"APPROVED","rejectReason":null,"isReportedAbuse":false,"rejectUser":null,"rejectTime":null,"rejectActorType":null},"AcceptedSolutionMessage:message:761388":{"__typename":"AcceptedSolutionMessage","author":{"__ref":"User:user:211931"},"id":"message:761388","revisionNum":1,"uid":761388,"depth":1,"hasGivenKudo":false,"subscribed":false,"board":{"__ref":"Forum:board:Sales_and_Purchases"},"parent":{"__ref":"ForumTopicMessage:message:761286"},"conversation":{"__ref":"Conversation:conversation:761286"},"subject":"Re: What account do I put when transferring some money from business account into personal account?","moderationData":{"__ref":"ModerationData:moderation_data:761388"},"body":"

Hi Mits1 

\n

 

\n

Thanks for your post. Generally speaking, Owner's drawings is used for funds transferred out of the business for personal use and Owner's funds introduced is for personal funds paid into the business account. However, it is best to speak to your accountant to ensure these accounts are applicable for your business set up.

\n

 

\n

Please let me know if you need further help.

\n

 

\n

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

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