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Aasommltd
Level 2

Transaction part my own account and part business account

Hello all,

 

So I’m having a big issue here and I was hoping someone can help me?

So I started trading with my company before my business bank account was opened (I’m the only Director).

I got paid my first invoice from a customer 8k via bank transfer to my private bank account as my business bank account was not ready. 

Meanwhile I got paid my first transaction, I had to pay an invoice from a supplier of 5k which I still did with my private bank account.

The remaining 3k I then transferred to the business account that finally was created. (I joined Quickbooks after this transaction)

I cannot seems to reconcile this transaction now.

Can Anyone help?

Solved
Best answer February 27, 2021

Accepted Solutions
Adrian_A
Moderator

Transaction part my own account and part business account

You have me to help you reconcile the transactions, Aasommltd.

 

We can create either a Clearing Bank Account and or an Equity Account. It will serve as your personal account. Let me guide you how:

 

If you want to use the Clearing Bank Account:

 

  1. From the Accounting tab, select Chart of Accounts.
  2. Click New.
  3. Select Cash at bank and in hand as the Account Type.
  4. You can enter Clearing Bank Account as its Name.
  5. Click Save and Close.

 

Afterward, you'll have to record the invoice payment amounting to £8000 and then deposit to the Clearing Account. Then, you'll have to pay the bill still using the same account.

 

Afterward, the remaining £3000 should be transferred to your business account.

 

If you want to use the Equity Account, you'll have to create a Journal Entry to transfer the amount. For this one, I'd recommend reaching out to your accountant so you'll be guided on what accounts are best to use.

 

Once done, you can now reconcile the transactions. I've added these references as your guide: 

 

 

I'll be around if ever anything arises. Keep safe!

View solution in original post

2 REPLIES 2
Adrian_A
Moderator

Transaction part my own account and part business account

You have me to help you reconcile the transactions, Aasommltd.

 

We can create either a Clearing Bank Account and or an Equity Account. It will serve as your personal account. Let me guide you how:

 

If you want to use the Clearing Bank Account:

 

  1. From the Accounting tab, select Chart of Accounts.
  2. Click New.
  3. Select Cash at bank and in hand as the Account Type.
  4. You can enter Clearing Bank Account as its Name.
  5. Click Save and Close.

 

Afterward, you'll have to record the invoice payment amounting to £8000 and then deposit to the Clearing Account. Then, you'll have to pay the bill still using the same account.

 

Afterward, the remaining £3000 should be transferred to your business account.

 

If you want to use the Equity Account, you'll have to create a Journal Entry to transfer the amount. For this one, I'd recommend reaching out to your accountant so you'll be guided on what accounts are best to use.

 

Once done, you can now reconcile the transactions. I've added these references as your guide: 

 

 

I'll be around if ever anything arises. Keep safe!

View solution in original post

Aasommltd
Level 2

Transaction part my own account and part business account

Dear Adrian_A

 

The transaction has been closed and classified successful! Thank you so so much for this! 

Have a fantastic weekend. 

 

Regards

Angelo

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