Bank reconciliation as sole trader

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Hi guys
Just to check something with you – Am a sole trader and have three bank accounts linked up to Bullet. There is a main current account for the business which 90% of our purchases and all of our sales come in/out of.  There is also a savings account which we transferred a lump sum of capital into the business account from when setting up the business.  There is also our personal current account which we have made about 10% of purchases for the business from.   Usually these purchases are made in cash, which would have come out of the ATM, from our personal current account.  Things like stationery / phone credit and other small stuff.  So they don’t necessarily show up on a bank statement from the personal account anyway, but the cash came from that account, so when I create a Bill I choose that it came from the personal account.  Is this wrong?
 
When I do a bank rec, naturally there are loads of Money Outs from the personal account which do not match up with anything in Bullet, as they are not business related.  Can I just ignore them?  Is there a way to knock them off the list – when I chose Skip in Bank Rec, it goes around in a circle and they appear again.  
 
I presume I should have a petty cash system instead, but not sure how to do that with Bullet.  
Fool of a Took that I am, please help.

1 answer

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Peter Connor ⋅ Staff July 27, 2016
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Hi, 
Sorry for the delay you know you can use the (?) in Bullet for instant support.
So the key thing to match your accounts with your bank account. I’ll answer your questions below.
1. Personal account is fine, it’s less messy and easier for you just to use your business account. People use their debit card for purchases to keep things simple. Taking money out of ATM’s can get very messy. 
You could setup a bank account and call it Petty Cash. Do a “bank transfer”, once a month (or so) form your business account to that Petty Cash Account.
2. Non business related you can ignore. You should be able to delete them from imported items. 
Sorry for the delay on this. Hope that helps. Remember if you’re a user of Bullet you can just click the (?) in your dash for instant support. 
Pete

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