Personal / Business Transactions / Paypal - Help

[staffsuk]

OK - I'm a sole trader - selling stuff via eBay & doing handywork.

Whilst waiting for my business bank and business paypal accounts to open - payment for two items I sold went into my personal paypal account - and payment for the shipping of ten items from my personal bank account.

We are only talking small amounts here (£7 & £30) but wondered if / how I should account for this? I haven't moved any funds either way to balance this.

I'm using Accounts Portal


Thanks!

[alex redmond]

The easiest way to deal with it is probably to transfer the relevant amounts to/from your business accounts once they are set up.
Alternatively, the sales represent money you have taken out of the business and the payments are funds you have put into the business. As long as you include them in your year-end accounts, everything should be ok.

[staffsuk]

Hi Alex

Thanks for your reply :)

I forgot to mention this was during the last tax year 09/10.

I am all up an running now and trying to sort my accounts out and as I mentioned I haven't transferred any funds either way during that or this tax year - just not sure what to do :-/

I want everything to be penny perfect if at all possible.

Thanks again