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Post Info TOPIC: Personal Payments into Business Account
NikkiJ


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Personal Payments into Business Account
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One of my clients has had a couple of personal cheques paid into her business account but not drawn out straight away. I would like some opinions on how you would account for this?

If I ignore these transactions it mucks up the reconciliation but is easier on the journal entries but if I put them in I was thinking using the Capital account?

It's a Limited company and any help would be appreciated.

Thanks biggrin



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Shamus


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Hi Nikki

you can't just ignore tham as the company is a seperate legal entity from the owner.

You should use the DLA (so Capital Account) as the director is loaning the company money (whether they think that they are or not).

kind regards,

Shaun.

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Shaun

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NikkiJ


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Thanks for the clarification. I was pretty certain I couldn't ignore it but I wanted to see what other's thought.

Nikki

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