Hi Mr Bond,

Thanks for using Community Hub.

We would always recommend recording what has happened within real life, therefore if you have transferred money from your business bank account to your personal account and you have both accounts in Sage you can do a Bank transfer of Money and it is really easy to do, Follow the steps in this link below:
https://gb-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=222001000100784&page=1&position=1&q=Bank%20Transfer

If you did not want have your personal bank in sage you can use the Bank Feed feature, depending on who you bank with this will allow sage to connect to your business account and it will bring through all transactions made and any bank transfers you make also. This will also keep you real life bank balance up to date in sage as it update every day, for more information regarding bank feeds, check out the link below:

Which Banks are supported -https://gb-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=222001000100758&page=1&position=1&q=Bank%20Feeds

How to connect Sage to your bank - https://gb-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=222001000100755&page=1&position=2&q=Connect%20bank%20feeds

If this helps, please click Verify Answer.

Regards,
Stuart
Sage UKI

Thanks Stuart.

If I use the bank feed feature it will bring through all transactions but don't I still have to match up a bank account source and a bank account destination? If I delete the personal bank account from Sage I won't be able to assign a destination bank.

Apologies if I misunderstood.

Hi Mr Bond,

Thanks for using Community Hub.

You are correct, you would still have to confirm what the transaction was associated to for example a payment towards a invoice etc.

Can I ask what the transfer of money is for from your Business account to your personal account, for example is it for your own salary or paying for business materials or equipment etc, the only reason I ask as there would be a certain way of recording these sort of things within sage where you would not need to have you personal account associated to sage.

If this helps, please click Verify Answer.

Regards,
Stuart
Sage UKI

Hi Stuart,

I need to transfer part of the money I make to my personal account so it can be used for non-business purposes.

I am a sole trader so it's not really a salary since there's no separate entities (company to individual) but do you think I can record this as a "7000 - Employee wages & salaries" in the Payment (Outgoing money) section? It seems to make sense I am just not sure of the impact on other places (reporting, ...).

In the eventuality I can use ledger 7000 as described above I can then set the personal account to inactive, is this correct?

I hope this makes sense. I appreciate the time and effort.

Thank you.

Kind regards.

Hi Mr Bond,

Thanks for using Community Hub.

Ok thanks for that information, I can't advise you on which Nominal ledger account to record it under you would have to seek advise from a trained accountant.

However your thought process is correct,

1. You would need to discuss/  seek advice from an accountant the best way to record the amount being transferred
2. You can make the personal bank account "inactive" within Sage Accounting, Follow the link below for steps on how to do this:
   https://gb-kb.sage.com/portal/app/portlets/results/viewsolution.jsp?solutionid=222001000100790&page=1&position=1&q=Bank%20account%20inactive

After completing the steps above, you can follow the same process to confirm how to record these types of transactions and then record them in Sage Accounting leaving you Business account and you would not need to include you personal bank account in Sage Accounting.

If this helps, please click Verify Answer.

Regards,
Stuart
Sage UKI

Thanks Stuart. Now I think of it, if I record this as "Employee wages and salaries" it might appear in a report as an operational expanse which would be incorrect. I'll leave my current set up for the time being.

Kind regards.