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Entering Cash Injection into my Business

Gras
3 Posts
Cover User
Gras
Cover User

3Posts

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Entering Cash Injection into my Business

Ive needed to inject some cash into my business account.  How do i account for that in MYOB.  Is it as simple as using the "receive money" tab and entering it as misc income??

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Ultimate Partner DuncanS
1,697 Posts
Ultimate Partner
Australia
DuncanS
Ultimate Partner

1697Posts

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Re: Entering Cash Injection into my Business

@Gras

 

It is common for business owners to inject money into a business.

 

The accounting treatment depends on your business structure eg Sole Trader or Company.

 

A Sole Trader would use Equity/Drawings and a Company would use Loan from Director.

 

You should be speaking with your Tax Accountant/BAS Agent and they will explain why the transaction should not be posted to Other/Misc Income.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
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