How to tag a personal item found on statement

Accounting
1

Hi, I have just found a personal item on my business bank statement. How do i tag this correctly/repay the money in my business bank account?

3

Are you a Limited Company or Sole Trader?

4

I am a Limited Company

5

Normally you would tag this as a transfer to the Directors’ Loan Account. When you pay back the company later you’d again transfer from the DLA to the company’s account.

6

Hi Glenn,

I have the same question as the original poster but I’m a sole trader.

What should I tag personal items?
I’ve recently found out that sports clothes aren’t allowed (I’m a personal trainer) so this becomes a personal item on the business account. What should I tag them as in quickfile?

Thanks

7

Tag them as drawings

1 Like
8

Thank you Parker1090