Used same paypal account for business and personal use

[karoloydi]

Hi,

I am such a fool. I am now realising the consequences of mixing business with personal accounts. I had this paypal account that I had been using for personal use. So when I opened my business I used this for my business. And I kept buing stuff for personal use through this account.
What can I do now?

[Williams lester]

Identify the personal transactions before passing it to your accountants? Are you a sole trader, partnership or limited company?

[karoloydi]

ltd company

[Williams lester]

Within your accounting software, just assign these transactions to the directors loan account.

[karoloydi]

Within your accounting software, just assign these transactions to the directors loan account.

Sorry to be such a noob. How do I do this? I mean, I know how to create a directors loan account in Kashflow.
What do I do afterwards?
As what do I file the purchases?
Also, I have sold some things using this account. How do I file those?

[karoloydi]

Another thing,
Would you suggest to create a new paypal account for the business, or should I just turn my personal paypal account to the business and create a new one for myself?

[Christiane]

Another thing,
Would you suggest to create a new paypal account for the business, or should I just turn my personal paypal account to the business and create a new one for myself?

whichever, probably the latter.

You'll have to use another email address though.

[karoloydi]

whichever, probably the latter.

You'll have to use another email address though.

Yeah, thats what I was thinking. Cause I have already set everything up in Kashflow.