What Is The Personal Section For?

What Is The Personal Section For?

Use the Personal Section to record;

  • personal transactions in a sole trader bank account
  • loans made by owners/directors to the business
  • drawings taken by owners/partners from unincorporated businesses

The Personal section records non-business transactions that go through the bank account. 

If the business is incorporated no personal transactions should go through the bank account. 

The Personal Section can be used to record any loans you make to or repaid by the business.

All transactions recorded via the Personal section affect the payment method selected (cash, cheque, BACS etc.) and the selected Director's/Owner's/Partner's Loan Account.

 

 

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