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Correct account for entering a repayment for personal loan to company

Roland
Roland Member Posts: 19

My accountant takes our personal income tax refund straight from the ATO as part payment for his annual preparation and lodgement.

I would like to know the correct accounts to use (in Reckon) for company repayments to us.

Hope this makes sense,

Thanks,

Roland

Comments

  • Acctd4
    Acctd4 Accredited Partner Posts: 2,157 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert

    Hi Roland

    Depending on your entity type, personal transactions would normally be posted to either an equity account such as Drawings (eg Sole Trader) or a Shareholders Loan (Pty Ltd Company) Asset account. Some people create also subaccounts under these to track different things.

    In some cases, a Pty Ltd Company may also choose to track personal funds via a liability account, particularly if there are considerable amounts that the owner has drawn from the business.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    *** Reckon Accredited Partner (AP) Bookkeeper - specialising EXCLUSIVELY in Reckon Accounts / Hosted ! ***

    * Regd BAS Agent (No: 92314 015) * ICB-Certified Bookkeeper * Snr Seasonal Tax Consultant since 2003 *

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://accounted4.com.au

    (NB: Please give my post a Like or mark as Accepted Answer if I have been able to resolve your query as this helps others when seeking solutions!)
  • Roland
    Roland Member Posts: 19

    Thank you, Shaz. That's what I needed.

    Regards,

    Roland