Introducing Funds

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Darryl Tonks
Darryl Tonks Member Posts: 1 Novice Member Novice Member
edited October 2024 in Reckon One
How do I go about introducing funds from my personal account into my business account?

As my primary income is currently supporting my business, I need to introduce funds on a regular basis to enable me to keep operating but cannot list these funds as sales.

Any advice appreciated.


Thanks

Comments

  • Zappy
    Zappy Accredited Partner Posts: 5,314 Accredited Partner Accredited Partner
    edited August 2019
    Make a deposit. Allocate it to Owners' capital.
  • Stuart Wright
    Stuart Wright Member Posts: 24 Novice Member Novice Member
    edited July 2017
    I've added a bank account for private money owed and transfer back and forth from the trading account to define what is personal money and business money. Hope that helps.
  • Zappy
    Zappy Accredited Partner Posts: 5,314 Accredited Partner Accredited Partner
    edited August 2019
    Stu thats not really helping. If you want it to be a loan then it should be setup as a loan in the books. Under Div 7A of the tax act there should also be intetest payable and the loan should be documented. Thanks again.
  • cosmic
    cosmic Reckon Developer Partner Posts: 1,064 Reckon Hall of Famer Reckon Hall of Famer
    edited September 2018
    Wow complex Area must seek advice from your tax professional. Just had 2dsy tax seminars for Tax Agents

    Cosmic Accounting Group

    Accountants and Tax Agents 22397009

  • Zappy
    Zappy Accredited Partner Posts: 5,314 Accredited Partner Accredited Partner
    edited August 2019
    Wow indeex Chandra. Thats we get paid the big dollars
  • cosmic
    cosmic Reckon Developer Partner Posts: 1,064 Reckon Hall of Famer Reckon Hall of Famer
    edited September 2018
    Wow complex Area must seek advice from your tax professional. Just had 2dsy tax seminars for Tax Agents

    Cosmic Accounting Group

    Accountants and Tax Agents 22397009

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