How Do I Integrate a Personal and Business Bank Account?

by Barbara
(Blountsville, AL)

I have a young man that started a business with his personal bank account and then incorporated the business later. How do I merge these two accounts to reflect the business as a whole in the books?

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Personal

by Nick Bender
(Omaha Nebraska)

I have an S Corporation I am trying to do BK for, the problem is he is taking cash from his checking to pay off his personal charges from a CC. I cant account for those personal expenses but have to stay with the fact that Cash is leaving and paying his cc, Can I create a Journal entry with AR and the CC to start the balance of the CC and theat way I have a Personal Receivable that will be owed since he is using his business checking to pay for his person charges on the cc. PLease help

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Personal Credit Card Advance

I ran my personal credit card to make a $1000 deposit to my LLC, which I then used to purchase goods for the business. What is the entry made for the credit card transaction on the LLC books?

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Personal Donations To Goodwill

What is the entry for personal donations to Goodwill?

Hello,

Thank you for your question.

All personal donations are coded through the equity account, so a typical entry for personal donations to Goodwill would be:

DEBIT Goodwill
CREDIT Owner's Equity - Contributions

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Personal Funds Into Account

by Ashley
(Omaha, NE, USA)

We are a small business and every once in awhile we get low in the bank account and the owner will put his own personal funds into the account to build it back up. How do I track that in bookeeping so we can make sure he gets reimbursed and it does not show as an income? Also, when he accidently uses the company credit card for personal use..I would like to use that as "paying back" for when he puts money into the company.

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Personal laptop

by Poppy

The owner of a business introduces a laptop computer valued at £1100 into his business (this was his personal property).

The entries would be:-

a) Debit capital account
Credit office equipment

b) Debit office equipment
Credit drawings account

c) Debit office equipment
Credit capital account

d) None of these


I believe the answer is C.

When an owner contributes either property or money into a business, they would debit the asset account (Office Equipment) and credit the owners contribution account (Capital).

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Personal Loan

by Elizabeth
(Marin County)

In 2010 I lend a large amount of money to ONE person.
It happenend in several smaller and larger transactions. How do I document these amounts properly in my books? I don't want to pay tax on it in 2011 when I get paid back.

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Personal Loan Paid by Company

by Dina
(Sussex County, DE)

I am paying my personal automobile loan with my company. What account do I put that in? Since the company does not have the loan in it's name, do I only put the loan under Automobile Expense?

Hi Dina,

Thanks for your inquiry. The money paid from your business account on your personal automobile loan should be put to a subdirectory account under Owner's Draw called Automobile Expense.

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Personal Use of Vehicle

How do I enter an adjusting entry for personal use of a vehicle for a proprietor?

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Selling Personal Vehicle To Your Company

by Chris
(Lethbridge canada)

Whats the best way to get my money back on equipment and trailer that was bought for the business but not through the business?

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