Setting up bank account in quickfile

[tom_44]

Since I have a new quickfile account, under a Ltd, I’m trying to add a bank account to it. I transfer money from my business into my personal savings account. And because of that, I need to ‘tag’ the transfers into a correctly assigned bank.

So knowing that, what would it be under?
Reserve Account
Building Society
Petty Cash
Credit Card
Loan Account
Merchant Account

Thanks.

[QFMathew]

Hi @tom_44

Are you taking it as a salary or dividends, or is the company lending you (as a director) the money?

[tom_44]

I’m the only one in the company as ltd.

I’m not sure what dividends are.

I think I’d be taking it as profit/salary.

[QFMathew]

With a limited company there are 2 main ways for you to get paid:

• PAYE (salary)
• Dividends

You can find out more about dividends here:

Dividend

Funds which are paid by a company to a shareholder or unit holder. The payment is made from accumulated profits and is dependent on the individual’s shareholding. Paying yourself through a Limited Company

You can also read about getting paid as a director in a blog post from our sister company, Company Wizard:

How do I pay myself as a director?

Unless the company is lending you the money, it should be done through one of the above methods rather than a transfer. However, I recommend double check with your accountant just to be sure that it’s recorded correctly, and works in your best interests too.