Put transactions through one business account 19 Jun 2019

To minimise the risk of error, put all your business transactions, which should include expenses paid out of your own pocket, through one business bank account.

In this way, you will avoid confusion over whether GST has been claimed, and minimse the risk of errors arising from misunderstandings.

How to do this?

  • If you have accidentally used your personal account, make a payment from your business account to reimburse.
  • If you are short of money in your business account, transfer an amount from your personal account by way of a loan to the business. Make sure we know the deposit is your own money.
  • If you are paying your credit card account, pay the personal portion out of your personal bank account and the business portion out of your business bank account.
  • For small items of expenditure, collect them up in a notebook and when you get to about $100, make a payment from your business to yourself as a reimbursement.

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