How do I reconcile payments in my bank account that are from a 2nd source of income?

Bez121b
Bez121b Member Posts: 2 Novice Member Novice Member
edited May 17 in Reckon One

Currently I have two income streams - I'm paid irregularly as a contractor into my business bank account and I also invoice as a sole trader, paid into the same account.

How do I reconcile the payments that sit outside my sole trader business?

Answers

  • Alexis McKeown
    Alexis McKeown Reckon Staff Posts: 430 Reckon Staff

    Dear @Bez121b ,

    The best thing to do from a software perspective is to transfer the amounts into a holding bank account so that the money can be allocated to other transactions properly.

    However - you may want to contact an accountant or bookkeeper to handle any of the finer details, such as reconciliations of this holding account or main bank account.

    Kind regards,

    Alexander McKeown

    Reckon Senior Technical Support

  • Bez121b
    Bez121b Member Posts: 2 Novice Member Novice Member

    Thank you Alexander. But can I do this (transfer the amounts) with historical records? I have two years to reconcile and am behind on BAS etc. The other income stream does go towards my BAS so I thought it should all go into the same account, even though one stream already has tax/super paid and the other doesn't.

Categories