Drawings from business acct to savings account

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hotkiwi
hotkiwi Member Posts: 12 ✭
edited May 2020 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 ?

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  • Kris_Williams
    Kris_Williams Member Posts: 3,293 Reckon Accounts Hosted Expert Reckon Accounts Hosted Expert
    edited May 2020
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    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 ✭
    edited February 2020
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    Thanks Kris ! That is reassuring.

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