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Personal bank a/c for business use?

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  • 28-02-2006 1:13pm
    #1
    democrates
    Closed Accounts Posts: 2,046 ✭✭✭


    I've been looking around the main banks business a/c offerings and the charges are apalling.

    It occurs to me that everything I need exists on a normal personal a/c service: current a/c, credit card, and online banking. It's purely to keep business a/c's seperate for ease of accounting that I need it. As a sole trader it's legally the same as a personal account anyway.

    Can I just set this up and run the business transactions through it?


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    #2
    heggie
    Closed Accounts Posts: 1,879 ✭✭✭heggie


    i think you'll need a business account, although i am not sure, i set one up there at the end of last year with ulster, was very simple and quick.


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    #3
    Carb
    Registered Users Posts: 831 ✭✭✭Carb


    I've seen sole traders who didn't even have a separate account, they just used their personal account. Like you said, its just to keep business transactions separate. The bank wouldn't even need to know, unless your looking for a trading name on a cheque book or something.


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    #4
    madramor
    Closed Accounts Posts: 324 ✭✭madramor


    democrates wrote:
    I've been looking around the main banks business a/c offerings and the charges are apalling.

    BOSI have a free account with a few conditions, non cash account


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    #5
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    I recommend firstly that you use a seperate account, purely for one reason. It is easy to distinguish business from personal.

    Royal Bank of Scotland(Ireland) offer very favourable rates. Both for deposit and loans.

    You can use your existing account either, but (as an accountant speaking) please make it very clear on the cheque book stub - the transaction. Name Date Amount and Purpose - John Smith 01/01/01 €500 Repairs to Office Computer. When writing a cheque for personal use, put personal or drawings on the cheque.

    Sales - get a lodgement book and all lodgements be detailed on the back of the slip. All lodgements should have a matching invoice.

    After that your flying and your accountant can tell which is personal and which is business.


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    #6
    croiadh
    Closed Accounts Posts: 17 ✭croiadh


    I have both my personal account and business account with PTSB and no charges on both.


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    #7
    TabulaRasa22
    Closed Accounts Posts: 55 ✭✭TabulaRasa22


    Theres no reason to have a seperate business account unless you need a merchant account for online ordering and taking in credit cards, really. If you can't keep your personal and business finances seperate on the spreadsheets, you shouldn't be in business at all! :rolleyes:


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    #8
    democrates
    Closed Accounts Posts: 2,046 ✭✭✭democrates


    TabulaRasa22 wrote:
    Theres no reason to have a seperate business account unless you need a merchant account for online ordering and taking in credit cards, really. If you can't keep your personal and business finances seperate on the spreadsheets, you shouldn't be in business at all! :rolleyes:
    They're seperate on my spreadsheets ok. It was just how restrictive the banks are in terms of using a personal account for business that I was wondering about.


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    #9
    is_that_so
    Registered Users Posts: 32,136 ✭✭✭✭is_that_so


    Business account is simplest way to do it. Also means you can use any trading names you have on that account.
    BOI business accounts are completely FREE for 2 years(excluding Overdraft interest) then switch ASAP. Also BOI online is free for 6 months. Just been charged €5.76 to lodge €1000 cash on a business account. :eek:


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