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LucasArthur
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bb1, post: 222333, member: 53375 wrote:
I have being using the same bank account for business and personal use for the past 8 years with no problems, You just code any personal items to Owners drawings or whatever fancy code you want to use. Makes absolutely no difference to book keeping requirements.

Young Man,

This is good for those ‘good’ with money, although in my previous life i had seen many small business owners (t/as sole operators) use personal and business out of same account and the common issue was SAVINGS! Allocating funds to GST, or to TAX, or to whatever and then going to the pub and entering keycard – oh man, awesome i have $2k (forget it was from the job that materials also need to be paid for) and come monday with a headache in tow there is no money for the person nor the business to operate that week.

Again, works well for a few although can be quite dangerous if you are not able to manage joint finances.

Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888