Paying a supplier with cash

Gem

Hi! I am a fairly new business and my profession is a wedding florist. The bride has asked if she can pay by cash. My bank is Monzo so I wouldn’t be able to deposit the cash directly into my account. My logic for the process goes something like I invoice the client for the deposit, they pay by cash, I deposit it into my personal account, transfer to my business account, and make it really clear on my business account what I’ve done, then send a receipt via email to the client for the payment, can someone tell me if this is the right way to go about it, please? The total will be around 2.5k, split into two payments. Thank you! x

RossBr

Hi Gem! You’ve got the right idea - if you’re a limited company, you can transfer the money from your personal account to your business account and mark the invoice as paid.

If you’re a sole trader, you COULD leave the money in your personal account, but of course, it would be easier to track if you moved it over to your business account.

If you're a small business owner who loves what they do, there's no better partner than Crunch. We help over 10,000 small business owners from across the UK manage their finances and grow their business. Learn more →

This forum is provided by Crunch. Crunch takes no responsibility and accepts no liability for any content submitted by users of this forum. Terms of Use →