Drawings from business acct to savings account

hotkiwi

Hello. I have my business account and a business savings account where I save money if my business account falls short or if tax is due so I have enough money. Question is how do I reconcile money transfer from business to the savings (how do I code it) and the money coming into my business account from my savings. This because there is regularly shiting to and from. How do I prevent the business account from seeing it as income. Should my savings account have a special name ?

Kris_Williams

It doesn’t matter what you call it the transactions from one bank to another are simply transfers, no tax code, no reference to income. If the money goes in from you personally it goes against drawings or your loan account

hotkiwi

Thanks Kris ! That is reassuring.