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Post Info TOPIC: Sole Trader - Accounts
AZ


Newbie

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Sole Trader - Accounts
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Hi
I'm a VAT registered sole trader. I'm doing my own bookkeeping using online system.
I've got a separate business bank account but has been using it to pay for my personal expenses (shopping, paying personal bills etc). What is the proper way of entering these transactions? Shall I enter them as drawings? Also I've just set up standing order for monthly transfer to my personal account, would that be drawings as well?

many thanks in advance



-- Edited by AZ on Monday 30th of May 2011 06:46:20 PM



-- Edited by AZ on Monday 30th of May 2011 06:46:33 PM

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AZ
gbm


Guru

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Hi AZ,

Yes both drawings.

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Regards,
Nick

Website: www.gbmaccounts.co.uk
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Factsheet | Starting a Business

 
Liz


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Hi, yes all personal expenses and cash taken for your personal use needs to be posted to drawings and dont forget you can not claim any VAT on these expenses even if you have paid it.

 



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AZ


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Nick, Liz

Thank you both!

 

 



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AZ
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