Forum Discussion

Bhola's avatar
Bhola
8 months ago

How to allocate bank transaction from personal account to business account

Hi,   I am a new user of MYOB Business Pro. Recently I made some transfer from my personal bank account to Business account for business use. This transfer appears in myob bank transaction. This is...
  • Princess_R's avatar
    Princess_R
    8 months ago

    Hi Bhola,

     

    Thanks for your response.

     

    Your concept of setting up a "Borrow and Reimburse" header, complemented by "Borrow" and "Reimburse" as sub-accounts, is quite a clever approach! In general, personal funds funneled into the business are often viewed as either a director's loan or an owner's contribution. You can try to check out this Community Forum post, which may provide some guidance related to your inquiry.

     

    However, it's crucial to remember that we're not accountants, so we can't provide specific guidance on which accounts to create and allocate transactions to. It's always wise to have a discussion with your accountant.

     

    Feel free to create a new post again if you need further help.

     

    If my response has answered your inquiry, please click "Accept as Solution" to help other users find this information.

     

    Cheers,

    Princess

Bhola's avatar
Bhola

Thanks Genreve for your support. That helps a lot. 

Thinking about creating something as

Header 'Borrow and Reimburse' and

Detail account as 'Borrow' and 'Reimburse'. 

Do these sound sensible?

 

Regards

Bhola

Princess_R's avatar
Princess_R
MYOB Moderator
8 months ago

Hi Bhola,

 

Thanks for your response.

 

Your concept of setting up a "Borrow and Reimburse" header, complemented by "Borrow" and "Reimburse" as sub-accounts, is quite a clever approach! In general, personal funds funneled into the business are often viewed as either a director's loan or an owner's contribution. You can try to check out this Community Forum post, which may provide some guidance related to your inquiry.

 

However, it's crucial to remember that we're not accountants, so we can't provide specific guidance on which accounts to create and allocate transactions to. It's always wise to have a discussion with your accountant.

 

Feel free to create a new post again if you need further help.

 

If my response has answered your inquiry, please click "Accept as Solution" to help other users find this information.

 

Cheers,

Princess

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