I have PayPal OneTouch enbabled on my personal account and went to pay using our busines account but wasn’t concentrating and it went through on the personal account instead.
I have made a bank transfer from the business bank account to my personal account now but wonder how I should tag the transaction? It is shown as a bank transfer on the feed but can I tag this as the payment for the purchase I made directly?
Hi @tobyw7
If you’ve made the payment from your personal account rather than your business account, you would enter this payment in your Director’s Loan Account (DLA) or Proprietor’s Drawings Account (depending on if you’re a limited company or a sole trader/partnership). This then shows the DLA/drawings account as a negative, showing the business owes you money.
You should then tag this as a transfer from the business bank account to your DLA / drawings account, giving a net effect of £0.00.
Hope that helps!
Thanks, all sorted! Appreciate your response.