Drawings from business acct to savings account

hotkiwi
hotkiwi Member Posts: 12 Novice Member Novice Member
edited October 2024 in Reckon One
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 ?

Comments

  • Kris_Williams
    Kris_Williams Member Posts: 4,194 Reckon Hall of Famer Reckon Hall of Famer
    edited May 2020
    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
    hotkiwi Member Posts: 12 Novice Member Novice Member
    edited February 2020
    Thanks Kris ! That is reassuring.
This discussion has been closed.

Categories