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Handle payment to wrong bank account
Using online banking I transferred some money out of my company savings account, but I accidentally moved it to my personal account rather than my company current account.
I immediately transferred it back so there is a transaction coming out of the account and then one coming straight back in again for the same amount.
Could you give me some guidance as to how this should be explained when I upload the transactions into FreeAgent for the company savings account?
I immediately transferred it back so there is a transaction coming out of the account and then one coming straight back in again for the same amount.
Could you give me some guidance as to how this should be explained when I upload the transactions into FreeAgent for the company savings account?
I’m confused
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Inappropriate?Hi Chris
One to clarify with your accountant but one option in FreeAgent would be to explain the original transfer to your personal account as Money Paid to User > Payment from Director Loan Account, then explain the transfer in as Money Received From User > Payment to Director Loan Account.
One thing to bear in mind is that there is a limit of £5,000 on a Director's Loan -- anything above that is classed as a benefit in kind and would have to be reported on your P11D, so do double check with your accountant in this situation.
Let me know if this works for you.
I’m happy
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Inappropriate?Thanks for such a quick response, I'll run it past my accountant and see what they say.
I’m happy
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