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Dear Sir/Madam,
How do I record my private withdrawals from my business account in the accounts?
Kind regards
Sara
Dear Sir/Madam,
How do I record my private withdrawals from my business account in the accounts?
Kind regards
Sara
Hi Sara,
In a sole proprietor, there is no difference between what belongs to you and what belongs to the business. This means you can transfer as much money as you want between your business and private accounts. This is also the only way to do it, as you cannot pay yourself a salary. Please note that these are not costs incurred by your sole proprietor.
Best wishes and good luck from Gitta! :-)
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.