How to handle transfers or addition (investment) and withdrawal (salary) of money to the business from my own private bank account

Question asked by Kim Johnson 3 days ago

Hi, I am very new to running my own business.

I would like to know how to handle the money that I invest in my business and withdraw from my business when classifying the transaction. For expenses it seems obvious: I created an entity like TFL for all my travel expenses with TFL, what do I do for the investment and withdrawals that I make from time to time.

thanks,

Kim

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2 Replies

Hi Kim,

For any investments and withdrawals, as they are not apart of your business income and expenses, you can code these to drawings so they will be excluded from your Quarterly returns.

Tommy

Best answer
3 days ago

Thanks for that quick answer.

3 days ago

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