How to allocate a transfer from personal account into sole trader account

[tamsta]

I'm hoping for help to allocate a transaction please. I earn a small amount as a sole trader, which goes into my ‘sole trader’ bank account. I transferred some money from my ‘personal’ account (for income I receive as a part-time employee) to top up that business account, so automatic debits (accounting fees, bank fees etc) don’t make me overdrawn.

How do I allocate this transaction in MYOB Essentials? I have a bank feed set up so in MYOB it appears as a deposit. It’s not sales income but it’s also not a loan that needs to be repaid (because for tax purposes I only submit one income tax return), so it’s not a liability either.

Thanks!

[Tracey_H · Accepted solution]

Hi @tamsta 

Thanks for your post. Generally speaking, personal contributions are allocated to an Owners Contributions type account. However, I would recommend speaking to your accountant to ensure these amounts are recorded correctly for your business.

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.

[tamsta]

Thanks