First time landlord, cheque book question

MayBee

Hi all, sorry if this has been asked before but I couldn't find anything, I think I have made a mistake in that I have used a saving account that I already had, but didn't really use, for the rent to be paid into,
I'm now thinking that if I need to have anything done in the house and use the money from this account I won't have a trail as I would need to withdraw cash to pay for it, or else transfer money to my current account and write a cheque from that account. Will this be a problem, or will it be sufficient to have the receipts for any work / purchases etc.
Am I after making a huge mistake !!
Thanks in advance

P. Breathnach

Using two (or more) bank accounts in relation to a rental property is perfectly okay. It's like using more than one pocket or purse to hold cash in.

What is important is that you keep a record of the transactions to do with the rental, and you should also keep supporting documentation such as invoices or receipts.

Michael D Not Higgins

Just from a purely practical point of view, having a separate account to deal with a tenancy is easier. It will help you track the ins and outs better without being hidden between the trips to Tesco and such in your current account. Either way keep all your receipts/invoices to document everything.

Eldarion

I wouldn't worry OP. There's no mistake here, you may have just made life a little more difficult for yourself and your accountant probably, but nothing crazy.

Like Micky D said it's just much cleaner to have 2 completely separate accounts for personal use and business use.