Loan repayment into wrong bank accountpaid

instint
instint Member Posts: 13 Novice Member Novice Member
in Accounts Hosted

A personal loan was repaid into the business account instead of the personal account.What is the best way to reverse this transaction

Answers

  • Acctd4
    Acctd4 Accredited Partner Posts: 3,868 Reckon Accounts Hosted Elite Expert Reckon Accounts Hosted Expert

    Hi @instint

    It will be a Make Deposit entry (into the business bank account) but where to allocate it, depends on the business structure & what has taken place.

    eg If the business is a sole trader entity, Make Deposit to Drawings. If it's a Company, post it to the Directors Loan account.

    If the payment has since been transferred to the relevant personal account, enter a Write Cheque, posting to the SAME account used in the deposit, to offset that entry ☺️

    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

    shaz@accounted4.com.au

    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!)
  • instint
    instint Member Posts: 13 Novice Member Novice Member

    The incorrect deposit was from a personal loan outside of the business to another person not involved in the business.Sorry I should have clarified this originally

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