Forum Discussion

Mits1's avatar
Mits1
3 years ago

What account do I put when transferring some money from business account into personal account?

Hi, I'm new to using any accounting software so this is a basic question. I am a sole trader and put all of my received payments into business account but would like to transfer some into my persona...
  • Tracey_H's avatar
    Tracey_H
    3 years ago

    Hi Mits1 

     

    Thanks for your post. Generally speaking, Owner's drawings is used for funds transferred out of the business for personal use and Owner's funds introduced is for personal funds paid into the business account. However, it is best to speak to your accountant to ensure these accounts are applicable for your business set up.

     

    Please let me know if you need further help.

     

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

Tracey_H's avatar
Tracey_H
Former Staff
3 years ago

Hi Mits1 

 

Thanks for your post. Generally speaking, Owner's drawings is used for funds transferred out of the business for personal use and Owner's funds introduced is for personal funds paid into the business account. However, it is best to speak to your accountant to ensure these accounts are applicable for your business set up.

 

Please let me know if you need further help.

 

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

Looking for something else?

Search the Community Forum for answers or find your topic and get the conversation started!

Community home

Dig into MYOB Academy for free courses, learning paths and live events to help build your business with MYOB.