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Can a trader do this?

  • 11-03-2009 1:07pm
    #1
    delllat
    Closed Accounts Posts: 1,388 ✭✭✭


    accept company payments and lodge them into a current account of one of the directors?
    without openeing a separate business ccount for the comapany

    i know its not recommeded but is it possible?


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,815 ✭✭✭GerardKeating


    delllat wrote: »
    accept company payments and lodge them into a current account of one of the directors?
    without openeing a separate business ccount for the comapany

    i know its not recommeded but is it possible?

    Anything is possible, if the bank teller cooperates, but it might not be legal. And certainly no auditor would sign off on this..


  • #3
    Communicationb
    Closed Accounts Posts: 147 ✭✭Communicationb


    The accounts at the end of the year will be a mess and the accountant will have serious questions to asks.

    If the money belongs to the company it must be lodged with the company..otherwise it is stealing.


  • #4
    delllat
    Closed Accounts Posts: 1,388 ✭✭✭delllat


    its not to try and steal the money,its just to avoid having to open another account

    the money is mine anyway so it wont be a matter of who owns it


    i was just wondering if its posssible to lodge a business cheque in a current account ?


  • #5
    patftrears
    Closed Accounts Posts: 174 ✭✭patftrears


    delllat wrote: »
    the money is mine anyway so it wont be a matter of who owns it

    the money belongs to the company, even if you own the company, it's not yours until you take it out of the company and pay the tax on it

    delllat wrote: »
    i was just wondering if its posssible to lodge a business cheque in a current account ?
    yes, if the cheque is made out to the account name


  • #6
    delllat
    Closed Accounts Posts: 1,388 ✭✭✭delllat


    ok, i unnderstand it now:cool:


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  • #7
    DubTony
    Registered Users, Registered Users 2 Posts: 3,267 ✭✭✭DubTony


    I'd imagine what you're considering is totally illegal. The defence of "I was just minding it" probably won't work.

    I'm curious, why would you want to do this anyway?


  • #8
    delllat
    Closed Accounts Posts: 1,388 ✭✭✭delllat


    DubTony wrote: »
    I'd imagine what you're considering is totally illegal. The defence of "I was just minding it" probably won't work.

    I'm curious, why would you want to do this anyway?

    I dont have an business account for that company yet as its a brand new business

    but i was thinking if i get a payment in the near future from a customer (like a cheque) could i just cash it in a personal account

    I have read recently its wise to cash cheques asap in general but especially since the recession


  • #9
    murphaph
    Registered Users, Registered Users 2 Posts: 19,053 ✭✭✭✭murphaph


    If you're absolutely stuck I suppose it's better tto lodge it in your personal account and transfer the funds as soon as the cheque clears, but it only takes a few minutes to open an account for the business so.....:confused:


  • #10
    delllat
    Closed Accounts Posts: 1,388 ✭✭✭delllat


    murphaph wrote: »
    If you're absolutely stuck I suppose it's better tto lodge it in your personal account and transfer the funds as soon as the cheque clears, but it only takes a few minutes to open an account for the business so.....:confused:

    I know it doesnt take long but i was under the impression that the transaction charges and operating costs of a business account was higher than my personal current account (free) so i thought id hold off getting a business acc until i needed the biz acc features........


  • #11
    TheCostumeShop.ie: Ronan
    Company Representative Posts: 1,740 ✭✭✭TheCostumeShop.ie: Ronan


    Just to clarify something by company you do mean a limited company right. Not just a trading as business name? Cause the latter would be ok, the former would not.

    It usually takes 24 hours to open a business account if you have all the right docs with you. The cheque is unlikely to go sour that quickly.


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  • #12
    Darragh29
    Closed Accounts Posts: 7,097 ✭✭✭Darragh29


    delllat wrote: »
    its not to try and steal the money,its just to avoid having to open another account

    the money is mine anyway so it wont be a matter of who owns it


    i was just wondering if its posssible to lodge a business cheque in a current account ?

    It's no problem OP as far as I know, once you deal with the money in the proper way with regard to tax, basically once you treat it as if it was in your business account and keep proper records, then I don't see a major issue. I'd be inclined to keep them separate just for convention and I use iBB for internet banking so I'd have to lodge into my business account, but other than for that reason, I wouldn't lose sleep over it...


  • #13
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,817 ✭✭✭antoinolachtnai


    If it's a limited company I don't think they'll let you do it. Maybe they will, but I doubt it. If the cheque is crossed, it's supposed to go into the account of the payee. And you are not the payee, the company is.

    You just have to get on with it and get a company bank account. Just the cost of doing business.


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