Sole trader using two bank accounts

Sole trader using two bank accounts – Free Online Small Business Accounting Software Questions & Answers

I am a sole trader and have a business current account.  Sometimes I make purchases with money from my personal current account.  As a sole trader I know it is all the same money so it doesn’t matter, but here is my query for Bullet:  when adding a new Bill or Money Out I have to specify which bank account it was paid from.  At the end of the month I import a CSV and do my bank reconciliation but I have only done this so far for the business bank account.  How can I do a bank rec for my personal bank account if there are items on the statement that do not relate to the business?  Or is it necessary to do a bank rec for those items at all?

1 answer

Peter Connor Staff November 3, 2015

Sorry for the delay I just needed to check the answer. Don’t forget you can click the (?) button in the top nav and you’ll get a member of the team instantly. 
So do the following.
– Create your standard company bank account and rec that. 
– Create your personal account and don‘t rec that
When you buy something with your personal account mark it as paid for by your ‘personal account’ in Bullet. But you don’t need to do a rec. Rec’s aren’t compulsory but a nice to do, to make sure everything is in check. 
If you’re only doing the odd transaction then simply do it manually. 
Hope that helps.

  1. Grand, thanks for that. I wasn't sure if the bank recs were necessary.
    Much appreciated.
  2. Peter Connor November 3, 2015
    No problem :)

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