Hello!
So I've taken my side business (custom cabinetry, furniture, etc) up a notch and made it official with a business bank account and Sage One trial. I'm a sole proprietor. Just trying to get my bearings here. Will approach an accountant for some help in a few months if the business takes off.
For now though, been tinkering with Sage One in the evenings and find it quite nice. At the moment I'm setting up my Sage One settings and trying to do it [sortof] correctly.
I'm currently receiving money for my services in the new business bank account (and this is the only bank account on Sage's system - connected via feed), but I don't want to use this account to make payments for cost of sales and expenses. Bank fees are high and I have some nice rewards/loyalty stuff going for me that I've built up in my personal capacity over the years. So I want to use my personal cards and accounts to make payments/purchases, but don't want to link my personal accounts to sage one.
Could I create a "bank account" in sage and call it "owners account" or something and record expenses/transactions there - but have this be an abstract account which keeps track of my purchases from other accounts. Then try to maintain a zero balance?
Eg. Money comes in to the business account: +R1000
I go buy some wood, use my personal CC, and record -R500 in the "owners account"
Go buy some screws using cash, and record -R100 in the "owners account"
Then transfer R600 from the business account to my personal cheque account (ie the "owners account" on sage)
Basically paying myself?
I don't think I can directly record the expense transaction on sage in the business bank because it's probably gonna give me issues with the feed/statements.
Not sure if this is something to contact Sage support for. Little to do with their systems per se?
Hope I didn't make any accountants' eye twitch
So I've taken my side business (custom cabinetry, furniture, etc) up a notch and made it official with a business bank account and Sage One trial. I'm a sole proprietor. Just trying to get my bearings here. Will approach an accountant for some help in a few months if the business takes off.
For now though, been tinkering with Sage One in the evenings and find it quite nice. At the moment I'm setting up my Sage One settings and trying to do it [sortof] correctly.
I'm currently receiving money for my services in the new business bank account (and this is the only bank account on Sage's system - connected via feed), but I don't want to use this account to make payments for cost of sales and expenses. Bank fees are high and I have some nice rewards/loyalty stuff going for me that I've built up in my personal capacity over the years. So I want to use my personal cards and accounts to make payments/purchases, but don't want to link my personal accounts to sage one.
Could I create a "bank account" in sage and call it "owners account" or something and record expenses/transactions there - but have this be an abstract account which keeps track of my purchases from other accounts. Then try to maintain a zero balance?
Eg. Money comes in to the business account: +R1000
I go buy some wood, use my personal CC, and record -R500 in the "owners account"
Go buy some screws using cash, and record -R100 in the "owners account"
Then transfer R600 from the business account to my personal cheque account (ie the "owners account" on sage)
Basically paying myself?
I don't think I can directly record the expense transaction on sage in the business bank because it's probably gonna give me issues with the feed/statements.
Not sure if this is something to contact Sage support for. Little to do with their systems per se?
Hope I didn't make any accountants' eye twitch
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