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.

 

 

    • Related Articles

    • How Do I Record Drawings?

      Unincorporated businesses should use the Personal section to record any drawings taken from the bank account. Click Personal Click Personal Expenses Paid complete the on screen information Click Save Record There is a Drawings function available for ...

    • Directors' / Owners' Loan Account

      Any transaction recorded using Personal affects the Directors' / Owners' Loan account (DLA). Review the balance on the DLA - visible at Accountant, View ETB prior to filing the IFA report. You or your company may have to pay tax if you take a ...

    • How Do I Add a Section K Income Heading?

      Click Income Click Record Income Click the + icon on the heading line Select either Investment or the Life & Pension category. Only headings in these 2 categories are included in Section K. Type the Name of the heading you wish to add in the box - ...

    • How Do I Import My CSV Bank Statement?

      Click Bank. Click Import Statement Log in to internet banking and download a bank statement to the desktop. Select the Bank Account from the drop-down list Select CSV or OFX as the file type to be imported Click Start Select New map from the action ...

    • How Do I Complete The Staff Register?

      Click Settings Click Staff/Advisors Click Add Staff Complete the onscreen form investment advisors should enter their Individual Reference Number (IRN) in the format 3 capital letters followed by 5 digits - AAANNNNN. If the IRN is not entered ...