This article explains how a sole trader can transfer money from the company account to their own personal account, i.e., make a personal transfer.
Personal transfer means that you withdraw money from your company account for your own use. Although this is not the same as salary, personal transfers are often referred to as the salary of a sole trader in everyday language. Paying for products or services that are not related to the operations of your company – for example, paying an invoice from the company account – is also regarded as a personal transfer.
Only sole traders and limited partnership or general partnership owners can make personal transfers. This is not permitted for limited liability companies.
How to make and handle personal transfers in the program?
You do not have to produce a receipt for the personal transfer if you are making a direct bank transfer to your personal account. You can handle personal transfers in the program:
- In the Payments section or
- As an account transaction
1. Making and handling a personal transfer in the Payments function:
- Click Show payments > Personal transfer on the homepage.
- Add your own payment data and select Personal transfer / Own withdrawal as the expense type:
- Make the payment and confirm it with the Procountor Key application.
You do not have to handle the withdrawal separately in account transactions.
2. Handling a personal transfer as an account transaction:
You can also handle the personal transfer as an account transaction, for example, if you have made the transfer directly in your online bank or bought something for your personal use with the company debit card.
- Open the Account transactions view and select the expense that is related to the personal transfer
- Click 'Add receipt':
- Select 'Personal transfer':
You can also add a message to the accountant and indicate that this transaction is a personal transfer, if necessary.