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Post Info TOPIC: Self Employed, owner withdrawals
sailor


Newbie

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Posts: 2
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Self Employed, owner withdrawals
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Hi All,

Im hoping someone can help me.

I run a small repair business on my own.

1) Some customers pay me cash, I put this money against there invoice but I dont always put this money into the bank as I use it for personal uses.

2) I land up with, say £500 Cash and I deposit it into my Business bank account.

How do I allocate this correctly.

In my accounting program 'Manager', I have two Cash Accounts, Bank and Cash.

( So if customer pays Bacs or Paypal, I post payment into Bank and if Cash I post into Cash) against the invoices of course.

Now Ive landed up with a large amount in the Asset Cash & Equivalents. Which I dont think is right. As I have used this money personally.

Does someone here understand me?

Many Thanks in advance

 

 



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Cheshire


Master Book-keeper

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Posts: 8646
Date:
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Hi Belinda
Unfortunately you appear to have wandered into a forum that is for professional Accountants and bookkeepers so we cannot answer your questions. I would suggest you speak to your Accountant.

__________________

 Joanne 

Winner of Bookkeeper of the Year 2015, 2016 & 2017 

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

You should check out answers with reference to the legal position
sailor


Newbie

Status: Offline
Posts: 2
Date:
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I do most sincerely apologise, I thought this was a forum that small businesses could get help from.

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