'Salary' withdrawal from business account

ChrisWalker

My business account (Wise) is linked to Crunch. When I send a payment from my business account to my own, personal bank account (i.e. basically drawing a ‘salary’), that transaction comes through to Crunch in my Open Banking feed.

In terms of reconciliation, do I mark that as a ‘personal transaction’ (so it doesn’t need matching), or do I create a ‘Withdrawal’ record in Crunch for the same amount, and match it to that?

MonticelliAtCrunch

ChrisWalker

In response to your query, you would record that as a withdrawal.

ChrisWalker

Thank you. A Crunch accountant said I should mark it as a personal transaction during an ‘Ask an accountant’ session that I had a month or two back, which I thought seemed strange considering there is a way to record a withdrawal in Crunch. So I just wanted to double-check, in case ‘salary’ withdrawals are meant to be treated differently for some reason.

I will record a withdrawal transaction in Crunch, and match it to the debit from my bank account statement.

Thanks for your help,
Chris

MattM

I’ve always marked it as a withdrawal.

ChrisWalker

MattM Thanks, that’s good to know!

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