Accidentally withdrew same expenses twice

[insomniac]

Hi there,

I accidentally withdrew the same expenses twice from my company bank account. I normally do them on a monthly basis, and this error occurred today.

The amount is not very large, about £70. Should I contact my accountant before putting the money back into the company account, which can only happen tomorrow since its Sunday. Or shall I do it right away and deal with the accountant tomorrow?

Any advice will be appreciated.

Thank you.

[TheCyclingProgrammer]

Don't worry about it. An easily rectified mistake.

Transfer the money back.

Explain the payments in your books as payments from/to the directors loan account.

[tractor]

Hi there,

I accidentally withdrew the same expenses twice from my company bank account. I normally do them on a monthly basis, and this error occurred today.

The amount is not very large, about £70. Should I contact my accountant before putting the money back into the company account, which can only happen tomorrow since its Sunday. Or shall I do it right away and deal with the accountant tomorrow?

Any advice will be appreciated.

Thank you.

I wouldn't lose any sleep over it, Insomniac.

[TykeMerc]

Don't worry about it. An easily rectified mistake.

Transfer the money back.

Explain the payments in your books as payments from/to the directors loan account.

What he said, simple fix for a simple minor cockup.

[insomniac]

Don't worry about it. An easily rectified mistake.

Transfer the money back.

Explain the payments in your books as payments from/to the directors loan account.

Thanks a lot for the quick reply, all. Appreciate it.

[stek]

Or just deduct it from next expense draw as an advance or something.

[TheFaQQer]

Or just deduct it from next expense draw as an advance or something.

That's what I'd do - stick it in the DLA until I have another payment to make and knock it off that.

My wife accidentally made a payment from the company PayPal account rather than our personal one, so I have £15 owing in the DLA. When I need to pay some expenses, I'll just knock the £15 off that.

[pacontracting]

Your accounts are essentially done every year so just put the money back (reverse journal if you are doing your accounts that way) and explain to the accountant what happened. Really no issue.

Obviously pay the money back from your personal account to your business account to show the reverse transaction.