Hello!
I am a sole-trader individual in the motor vehicle / import industry, seeking some experienced help regarding entries into MYOB.
My first couple business expenses were made from my personal bank account as I did not have business banking setup at the time.
These expenses included payments for -
>Website Domain
>Website Hosting (shared with another entity I have setup)
>Motor vehicle trading registration
>Deposit to my contact overseas for auction access - (paid via Paypal) - the remainder of what was left after my contacts expenses, was then used a month later as a 'token/instalment' when I purchased a vehicle for the business (lets label this as 'VEHICLE 1'.
After all the above payments were made, I got around to setting up a business banking account.
Business account expenses/deposits include -
> DEPOSIT - Capital investment transferred from my personal account
> WITHDRAWAL - Payment for 'VEHICLE 1'
> WITHDRAWAL - Bank Charge incurred for payment above for 'VEHICLE 1'
> WITHDRAWAL - FREIGHT invoice for 'VEHICLE 1' - (this invoice includes two payment, one for my shipping package which is without GST (Z Rated), as well as payment for Customs GST.
> WITHDRAWAL - Payment to vehicle compliance center for 'VEHICLE 1'
Please let me know how one would handle these deposits / payments between personal banking account and business banking account.
Much appreciated,
Thank you.