Correct account for entering a repayment for personal loan to company
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
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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
(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!)
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Thank you, Shaz. That's what I needed.
Regards,
Roland
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