Basic accounting question using personal bank account

joebloom

Hey everyone.

I use Monzo as my personal bank account. I also use this bank account currently for incoming and outgoings as a self-employed/sole trader.

I've just begun going through my receipts and adding all those in. My plan is to add every expense from my Monzo bank account as receipts with the invoices into Wave.

Would this be accepted come Self Assessment?

Or am I going to have to record every single transaction from my bank account as either business/expense or personal? I'd rather not have to need a separate account for the moment whilst the incomings and outgoings are low enough that they are manageable for manual accounting myself within Wave.

I realise this is a very basic accounting question. Just not sure.

Also if anyone has any UK based accountants that work well with Wave, likely only needed for once-a-year tax/SA submission assistance - please do forward those details.

AlexL

Hi @joebloom . Any business expenses you have should be accounted for in your Wave business. If you have any business expenses outside of Purchases or Invoices, these should be accounted for as well. You don't want to account for any personal expenses in your business, unless they pertain directly TO your business.

If you're looking for a UK based accountant, feel free to check out our Pro Network where you can find a Wave Pro to help you out.