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Business purchases using personal bank

Fok156
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Business purchases using personal bank

If you enter in receipts for business purchases  made through a personal account how to you record the payment?

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Tracey_H
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Re: Business purchases using personal bank

Hi @Fok156 

 

Thanks for your post. One way to handle this is to create a Director loan liability account with the Account Type set as Credit card. 

 

If you record a Spend money transaction select the Director loan liability account in the Bank account field and allocate to the applicable expense/cost of sales account.

 

If you record a Create bill transaction, record as normal with the expense allocated to the applicable expense/cost of sales account. When you record the Create bill payment transaction select the Director loan liability account in the Bank account field.

 

If you reimburse the personal account, record a Transfer money transaction with the From account being the business bank account and the To account being the Director loan liability account.

 

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.

Cheers,
Tracey
Previously @bungy15

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DuncanS
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Re: Business purchases using personal bank

@Fok156 @Tracey_H 

 

If a Sole Trader, use a General Journal.

The Credit to Equity/Drawings.

 

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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