Expenses

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Expenses

OK, so I hope I make sense.

My partner has just started a new business, therefor his bank account is new and we are learning to use myob. He deposited $30 into his new business account which is named business account 1. This was only done a couple of months ago and the expenses started piling up from back in February, paid for via his personal bank account and afterpay. I have added them in using the spend money section using business bank account 1 as the account with myob capture app. Im now questioning if they should have been entered into general journal. Im a little lost at the moment if someone could help as I have already reconciled the bank accounts (can I undo this if need be?) The business is in minus of what we have in expenses only because we have not actually made any sales at the moment. Can someone please help?

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MYOB Moderator
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Re: Expenses

Hi @Kel84 

 

Generally speaking, a spend money transaction is used when recording payments made by the business that are not payments for bills from suppliers, from the business bank accounts.

 

If the payments had been made from personal bank accounts then I recommend speaking with your accounting advisor for how to enter those payments in.

Regards,
Neil

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Re: Expenses

so even if he is a sole trader?

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MYOB Moderator
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Re: Expenses

Hi @Kel84 

 

I recommend speaking with your accountant over how best to record those transactions paid from a personal account. Your accountant will also be able to give you advice on whether you need to set up separate bank accounts for the business or keep using your personal accounts.

Regards,
Neil

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