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What category do i list a movement of money from my business account to my current account?

tomwgftomwgf Member Posts: 11

Every month a move money from the business account to my current account and to another account i use to pay for income tax.
Do i list this a Payroll? as Transfer to bank? owner drawings??

in Accounting Technical Support

Comments

  • Dante_BulluckDante_Bulluck Member Posts: 52 ✭✭

    If you're basically just paying yourself, you'll pick owner's investments/drawings for those. It's one of those things that feels like it should be more complicated than it is, right?

  • tomwgftomwgf Member Posts: 11

    magic, thanks a lot - yes its been worrying me for a few months now. take care
    tom

  • MerlinAccounts_UKMerlinAccounts_UK Member Posts: 177 ✭✭✭

    Tom

    That wasn't technically correct, knowing that your are a Ltd company. Any payment to yourself from your company will either be a salary payment (so recorded as salary), a dividend (so recorded as dividend) or a repayment of your Director's loan account (so would be posted to Directors' loan account).

    Regards

    Andrew

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