Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Making Business Payment from Personal Account
MakingLifeMine
Posts: 60
Forumite
I am waiting for a new card, but I have a payment due today, which can't be postponed.
It's to the US, and I can't pay in another way.
If I take the money out of my business account and pay it from my personal account, what's the best way to record this in my accounts?
I am a limited company if that information is helpful.
It's to the US, and I can't pay in another way.
If I take the money out of my business account and pay it from my personal account, what's the best way to record this in my accounts?
I am a limited company if that information is helpful.
0
Comments
-
Make the payment from your personal account.
Record that in the Ltd Co account as Directors Loan.
When the business pays you back, record that in the Ltd Co account as repayment of the Directors Loan.0 -
Due to the sum of the payment, I would need to take the money out of the business to transfer to my personal account to make the payment. If I do what you say, would it sound like I would debit my business account twice? As I am not using my personal funds...Grumpy_chap said:Make the payment from your personal account.
Record that in the Ltd Co account as Directors Loan.
When the business pays you back, record that in the Ltd Co account as repayment of the Directors Loan.0 -
If it all happens on the same day, then it doesn't matter which order the transactions happen, surely.Signature removed for peace of mind0
-
Okay - I initially understood you were using personal funds.MakingLifeMine said:
Due to the sum of the payment, I would need to take the money out of the business to transfer to my personal account to make the payment. If I do what you say, would it sound like I would debit my business account twice? As I am not using my personal funds...Grumpy_chap said:Make the payment from your personal account.
Record that in the Ltd Co account as Directors Loan.
When the business pays you back, record that in the Ltd Co account as repayment of the Directors Loan.
The use of the personal account is academic.
Pay from the Ltd Co to personal account.
Pay the business bill to USA from personal account.
Enter into business accounts as payment of the business bill.0 -
I forgot to come back here and say thank you for helping!!!2
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179.1K Life & Family
- 263.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards