Transferring money from personal account into business account

[Digimem]

Hi,

Just a quick one - is there anything "special" that needs to be done when a director transfers money into a business account from their personal account? e.g should you add a reference such as "directors loan"?

thanks in advance

 

[Newchodge]

You need to record it in your accounts as director's loan received. Or whatever else the transaction represents.

 

[Alan]

You don't have to, but adding a reference helps you ( or your accountant ) remember when you come to entering the transaction into the company books.

 

[MyAccountantOnline]

Hi,

Just a quick one - is there anything "special" that needs to be done when a director transfers money into a business account from their personal account? e.g should you add a reference such as "directors loan"?

thanks in advance

Directors loan is sufficient for the company accounts but it may also be helpful to note the source in case it's queried in future eg ' directors loan ' transfer from private savings XYZ bank, account 123456789'