Hi I
In a co the director withdraw the amount in their personal ac in name of director expense and withdraw cash to give company expenses to avoid cash transaction.
It is valid process.
How to rectify it i meqn any other good ideas for it.
Trf to their personal ac where to record
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Director takes money in personal a/c and ave cash
Replies (1)
Summary: Avoid using personal accounts for company cash flow. Use direct business payments, a petty cash float, or a formal expense reimbursement process with proper receipts. If you have already used personal accounts, record these as a Director's Loan Account and consult an accountant to ensure they are properly documented and tax-compliant.
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