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BEacct's avatar
BEacct
Cover User
4 years ago
Solved

How to record owners personal expenses

Hi there,   We have a small sole trader business.  I need to account for expenses paid for from personal funds but don't need to reimburse.     I have Owner Drawings and Owner Contributions set u...
  • LRBooks61's avatar
    LRBooks61
    4 years ago

    Hi

    Can I suggest that you set up a bank account called Owners Funds.

     

    Anything that you pay from it can be paid for from that account - as you would normally but just changing the bank at the time of transaction

     

    This will record your gst etc and provide the transaction details

     

    You or your accountant can then journal that account to owners contributions at any time

     

    Hope that helps

     

    Lisa

LRBooks61's avatar
LRBooks61
Ultimate Cover User
4 years ago

Hi

Can I suggest that you set up a bank account called Owners Funds.

 

Anything that you pay from it can be paid for from that account - as you would normally but just changing the bank at the time of transaction

 

This will record your gst etc and provide the transaction details

 

You or your accountant can then journal that account to owners contributions at any time

 

Hope that helps

 

Lisa

BEacct's avatar
BEacct
Cover User
4 years ago

Thank you  Lisa,

 

That has workd beautifully, much appreciated

 

Karen

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