The current account centralises all transactions between you and your company. It goes by several names: director's current account, partner's current account, or administrator's current account.
Be careful with the current account, as the balance is never in real time. We recommend waiting for your accountant's quarterly closing before making any reimbursement.
Purpose of the current account
The current account is an accounting account that differs depending on the situation: account 416000 when you owe money to your company, and account 489000 when it is the other way around.
Its purpose is to track transactions between you and your professional activity:
I make a private contribution from my personal account to my business account
I make a private withdrawal from my business account to my personal account
I reimburse myself for a professional expense paid with my personal funds
I receive the monthly expense allowance, also known as the director's expense allowance
I add a personal expense to my professional expenses
I make a payment from my company account for a personal expense (or an expense not supported by a document)
I receive rent from my company for an office in a building I own
💡 In a company, the current account is displayed on your Dashboard. You can have up to 9 different current accounts, for example if there are several directors or partners 🤓
Debit or credit current account
Your current account is either in debit or in credit. Not sure what that means?
Debit current account (negative in BILLY)
The debit current account (account 416000) is used when you owe money to your company. In this case, BILLY displays a negative amount.
👉🏻 This may mean, for example, that you have made more private withdrawals from the business account than your salary allowed for.
⚠️ In BILLY, your debit and credit current accounts are combined. The balance is therefore displayed as either positive or negative. If it is negative, it means you owe money to your business. This situation should remain exceptional — please discuss it with your adviser or via our live chat. You may in particular be required to pay very high statutory interest.
Credit current account (positive in BILLY)
The credit current account (account 489000) is the most common situation: the company owes you money. BILLY displays the amount as positive.
💡 The current account is never in real time. Indeed, your accountant must supervise the automatic classification of transactions. This can take several days. Please be careful and do not hesitate to contact us via live chat.
Difference from the sole proprietor's account
For a self-employed sole proprietor, there is no distinction between a debit or credit current account. The concept of a current account does not exist. Everything is classified under the same account 109000, known as the owner's account.
👌🏻 Since there is no distinction between personal and professional assets, there are no specific rules regarding the current account. The information is not displayed and does not require any monitoring on your part.
If you have any questions, feel free to reach out via the live chat at the bottom right 😉
See you soon!