Received payments into personal bank accounts

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Received payments into personal bank accounts

Hi

Sole trader set up in October 16 used personal bank account to pay for expenses and receive payments for work carried out.  

She opened a business bank account and set up myob essentials in Feb 17 and would like these transactions from October til February recorded now. She has set up bank feeds for both her personal account and business account which is making it so messy.  I would like to remove the personal account bank feeds from the dashboard and just have the one business account showing. 

I am new to myob essentials.

What would be the best way to do bring her income/expenses across??  

thanks for you help.

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Re: Received payments into personal bank accounts

 Hi @Samantha23,

 

First of all, I would like to take this opportunity to welcome you on this forum. 

 

You can request via email to bankfeeds@myob.com to cancel/stripe off your feeds coming through your personal account and continue getting it for the other business bank accounts. You need to provide the following information in the email:

 

  • Effective date of cancellation
  • Serial number of your file
  • Bank Account number  

Please note that once you have stopped the bank feeds for that particular bank account, you will never be able to get feeds again in future for that bank account only but others will continue as normal.

 

On the other query that you had, you can create an account under Credit Card -Shareholders/Owners Loan Account -personal if the business would pay back the owner the funds used from the personal bank account. You can then spend money straight from this account and then pay back via Transferring funds from your business bank account to this personal loan account. If there is no intention to pay back the owner then you will code it to Owner Contribution (Equity)

 

Hope this helps! Let us know how you go as we are happy to help further. Smiley Happy

 

 


Regards,
Riena
MYOB Training Specialist
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Re: Received payments into personal bank accounts

Thank you that is very helpful advise.  I will check how the client wishes to proceed as far as owners contributions goes.

 

Sam

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Re: Received payments into personal bank accounts

@Samantha23 @RienaP

 

One of the ways that a Tax Agent and or BAS Agent/Bookkeeper helps a business owner is by continually reviewing business and record keeping procedures.

The business owner should be encouraged to use the Business Bank Account for business purposes.

 

As the business owner is a Sole Trader, I would reconcile both Bank Accounts in MYOB.

 

One consideration is whether GST Registration has occurred and on what date and whether BAS have been lodged.

 

Let us know how you go.

 

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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