Forum Discussion

Pal2's avatar
Pal2
Contributing User
7 months ago

Personal Income

Hello I am using Account Business Lite. Is Personal Income my personal money I put in to start my sole trading business? And is Personal expense the money I transfer back to myself? Thanks
  • Earl_HD's avatar
    Earl_HD
    7 months ago

    Hi Pal2,

    Thanks for your response. I recommend consulting with an accountant for an accurate solution, but here's how I would handle this situation. Initially, record the money you put into your business as a loan from yourself, creating a liability on your balance sheet representing the amount owed to you as the owner. When you wish to withdraw this money, classify it as an owner's drawing, reducing the loan liability on your balance sheet and reflecting the funds withdrawn for personal use.

    Feel free to post again, we're happy to help!

    If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.

    Regards,
    Earl

jojolamor's avatar
jojolamor
Contributing User
12 days ago

Thanks - very helpful -

So ... I'm called them as follows! 

  • owners drawings/personal expenses
  •  owners funds introduced/personal income

Appreciate your help! 

  • Earl_HD's avatar
    Earl_HD
    MYOB Moderator
    12 days ago

    Hi jojolamor

    Welcome to the Community Forum! You're very welcome. Feel free to start a new post if you have further queries and one of us will be happy to assist.

    Regards,
    Earl

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