{"id":5270,"date":"2024-09-26T12:45:16","date_gmt":"2024-09-26T12:45:16","guid":{"rendered":"https:\/\/www.founders.nl\/?page_id=5270"},"modified":"2024-09-26T12:51:33","modified_gmt":"2024-09-26T12:51:33","slug":"explanation-of-bank-link-categories%ef%bf%bc","status":"publish","type":"page","link":"https:\/\/www.founders.nl\/en\/explanation-of-bank-link-categories%ef%bf%bc\/","title":{"rendered":"Explanation of bank link categories\ufffc"},"content":{"rendered":"\t\t
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Explanation of bank link categories<\/h1>\n <\/div>\n <\/div>\n
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At Founders, we use a bank link between your business bank account and our bookkeeping software. By importing your bank transactions, you can quickly and easily verify that your administration is complete. To ensure your expenses are correctly recorded, we’ve explained the various categories for you.<\/b><\/p>

Income
<\/b>When an amount is deposited into the bank, it is automatically categorized as ‘income’. You should classify a transaction as income when it relates to an invoice you have sent to a customer. This can be an incoming amount for a positive-value invoice or an outgoing amount if it’s related to a credit invoice. Make sure the invoice is always entered into Founders’ bookkeeping software.<\/span><\/p>

Expenses
<\/b>When an amount is withdrawn from the bank, it is automatically categorized as ‘expenses’. You classify a transaction as an expense when it relates to a receipt or invoice you\u2019ve received, which are recorded as costs for your business. For example, bank fees are also considered business expenses. Ensure the invoice is always entered into Founders’ bookkeeping software.<\/span><\/p>

Taxes
<\/b>You may occasionally pay or receive money from the tax authorities. You categorize this as ‘taxes’ when it pertains to your company\u2019s taxes: VAT, payroll taxes, dividend tax, or corporate income tax. Personal income tax, for example, does not relate to your company but to you personally, so it should be categorized as private.<\/span><\/p>

Salary
<\/b>If you have employees or are employed yourself, a net salary is transferred monthly to the employee. This transferred amount should be categorized under ‘net salaries’.<\/span><\/p>

Private
<\/b>Sometimes, payments are not related to the company or foundation but are for personal use. This could include groceries paid with the wrong card, a refund that is credited to your business account, or money you transfer to yourself in addition to your salary. You can categorize these amounts as ‘private’. Personal income tax returns can also be categorized as private, as they don\u2019t apply to the company but to you as an individual. Your bookkeeper will process this in the annual financial statements.<\/span><\/p>

Loans and interest
<\/b>When your company takes out or provides a loan, the incoming amount can be categorized here. Monthly repayments also fall under this category.<\/span>
<\/span><\/p>

You may also pay or receive interest. These costs or earnings can also be categorized here.<\/span><\/p>

Dividend and equity
<\/b>If you pay dividends to yourself or another company, you can use this category. It\u2019s possible that this dividend distribution needs to be reported to the tax authorities. If no dividend return has been prepared by your accountant, contact them to discuss whether a return is necessary.<\/span>
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When the company is established, the share capital must be deposited into the company’s business bank account. This amount becomes part of the company\u2019s equity. You can use this category for that purpose. You might also contribute additional funds on top of the share capital to the company, known as a share premium contribution. This can also be categorized here.<\/span><\/p>

Transfers between bank account
<\/b>It may happen that an amount is both deposited into and withdrawn from the bank. For example, when you transfer money to your savings account, it is added to the savings account but withdrawn from your checking account. <\/span><\/p>

This amount is an intercompany transfer. Another example is if you accidentally pay for groceries from your business account but then immediately refund the amount. This is also an intercompany transfer: it enters the bank and exits the bank, resulting in a net balance of \u20ac0.<\/span><\/p>

Payments last year
<\/b>Sometimes invoices are not paid in the same year they are issued. In that case, they are recorded in the accounting as a receivable or payable. When the invoice is paid the following year, you can categorize the payment under ‘payments last year.’<\/span><\/p>

Other
<\/b>Does a payment not fit into one of the above descriptions? You can categorize it as ‘other’. It\u2019s important to always provide an explanation. This is something you should discuss with your bookkeeper.<\/span><\/p>

After reading this blog, are you still unsure about how to categorize your expenses? Contact your bookkeeper.<\/span><\/p>\t\t\t\t<\/div>\n <\/div>\n <\/div>\n <\/section>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Explanation of bank link categories At Founders, we use a bank link between your business bank account and our bookkeeping software. By importing your bank transactions, you can quickly and easily verify that your administration is complete. To ensure your expenses are correctly recorded, we’ve explained the various categories for you. IncomeWhen an amount is […]<\/p>\n","protected":false},"author":5,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"class_list":["post-5270","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\nExplanation of bank link categories\ufffc - Founders<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.founders.nl\/en\/explanation-of-bank-link-categories%ef%bf%bc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Explanation of bank link categories\ufffc - Founders\" \/>\n<meta property=\"og:description\" content=\"Explanation of bank link categories At Founders, we use a bank link between your business bank account and our bookkeeping software. 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