depositing cash in bank after being paid

[smithy]

i have just been payed by cash after finishing my my 2 jobs after becoming self employed.when i deposit these 2 payments into my business bank account do i need to do it individually so it shows up on my bank statement as 2 payments going in or can i just put the money together and deposit it as one payment.am thinking it will be done individually as thats the way it is in my bookkeeping but am sure some of you good people will keep me right

 

[Chris Ashdown]

Just make sure it shows as two entries on the paying in book so that your accountant knows what each is

 

[Mattonella Tile Studio]

Put it in as one payment, but keep a record in your paying in book of what the details of the combined total are i.e. paid in £460, job 1 £240, job 2 £220.

 

[smithy]

on one off the jobs i got paid for i used cash from my own bank account to pay for materials for the job i was doing,i used my own cash as i was waiting for my business account bank card etc to get delivered.now that its been delivered i am going to deposit the money i was paid into the business account then transfer the money i used from my own account back into it but how do i write that in my bookkeeping book.

so far everything to start up my business came from my own funds in my own account but now i have my business account do i need to start with a new bookkeeping book.

i hope all this makes sense

 

[MyAccountantOnline]

i have just been payed by cash after finishing my my 2 jobs after becoming self employed.when i deposit these 2 payments into my business bank account do i need to do it individually so it shows up on my bank statement as 2 payments going in or can i just put the money together and deposit it as one payment.am thinking it will be done individually as thats the way it is in my bookkeeping but am sure some of you good people will keep me right

Dont forget if you make 2 deposits most banks will charge you for each deposit, so as well as being unnecessary it'll incur unnecessary bank charges!

 

[MyAccountantOnline]

on one off the jobs i got paid for i used cash from my own bank account to pay for materials for the job i was doing,i used my own cash as i was waiting for my business account bank card etc to get delivered.now that its been delivered i am going to deposit the money i was paid into the business account then transfer the money i used from my own account back into it but how do i write that in my bookkeeping book.
so far everything to start up my business came from my own funds in my own account but now i have my business account do i need to start with a new bookkeeping book.

i hope all this makes sense

I know what your saying!

If you pay for any business expenses from private funds that is called capital introduced. Do be careful that you note the source of any private money you use for business expenses - the tax man is a suspicious by nature and will think its undeclared takings otherwise!

When you draw money out of your business account for private expenses or to reimburse monies you put into the business thats called drawings.

I am assuming you are a soletrader.

Now would be a good time to see an accountant to get your record keeping in good shape, make sure you have done everything you need to when you start in business and are claiming all expenses you can etc - it'll potentially save you fees if you keep the records as your accountant wants them.

 

[smithy]

I know what your saying!

If you pay for any business expenses from private funds that is called capital introduced. Do be careful that you note the source of any private money you use for business expenses - the tax man is a suspicious by nature and will think its undeclared takings otherwise!

When you draw money out of your business account for private expenses or to reimburse monies you put into the business thats called drawings.

I am assuming you are a soletrader.

Now would be a good time to see an accountant to get your record keeping in good shape, make sure you have done everything you need to when you start in business and are claiming all expenses you can etc - it'll potentially save you fees if you keep the records as your accountant wants them.

yip am a sole trader and do you know any accountants in the paisley/glasgow area


am going on a financial course in january so i should pick up good advice from that aswell

 

[MyAccountantOnline]

yip am a sole trader and do you know any accountants in the paisley/glasgow area

I dont but other posters may well do so.

If you have a friends in business I'd ask them if they could recommend a good accountant - recommendation is in my opinion one of the best ways to get a good accountant.

 

[Mattonella Tile Studio]

If you have a friends in business I'd ask them if they could recommend a good accountant - recommendation is in my opinion one of the best ways to get a good accountant.

I'd agree with that. Our accountant is great. Phoned him up today about the end of financial year and he's coming to visit me tomorrow. Don't even have to go there.

 

[GLAbusiness]

yip am a sole trader and do you know any accountants in the paisley/glasgow area

Smithy

I've PM'd you contact details for my accountant

Martyn