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