Personal monies deposited into business account

Question asked by Keith Pocock 5 years ago

I am not a professional book keeper but I am just dealing with my own normally very simple books and can handle those until something out of the ordinary happens!

I have received a few transfers into my Business account by mistake (friends/clients contributing to a birthday present, and not getting my personal account details first!).

Having done a bit of searching on the help site here and general internet, I explained these on the bank import as coming from a customer called 'Non-business related', and created a Suspense Account under Current Liabilities as 'Other Creditor'. But of course Clearbooks has created invoices for all these now... so I don't think I have done this correctly.

Any advice on how I should be dealing with this situation would be much appreciated. I can't find much about receiving incorrect payments anywhere.

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3 Replies

Hi Keith,

I would say the best way to do this would be to create a loan account under bank accounts and then transfer the money to that account and then create a money out transaction from the loan account to yourself. This would be the best way to record this.

All the best,

Mohamed.

Best answer
5 years ago

Great - thank you Mohamed

5 years ago

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