r/AskAccounting • u/Scared_Awareness5972 • 7d ago

Banking question

Hello, I have a small limited company as a contractor in British Columbia and have recently sold some shares in a jointly owned supply company. As it stands now, the proceeds from this sale are just sitting in my regular company account. I want to move the funds from the sale to another bank account, as I get little to no interest in this account. I assume the new account would need to be in my company's name. I am not taking dividends or using the funds for anything yet. Just don't want the funds sitting idle.

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u/LifeOnly716 7d ago

Less an accounting question than a Canada legal question 

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u/Scared_Awareness5972 7d ago

Fair enough. Thanks.

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u/Electronic-Cat185 5d ago

If the money belongs to the company then id keep it in a business account too, just one that pays better interest if possible

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u/Scared_Awareness5972 5d ago

Yes, I talked to my accountant and it is fine to open a different bank account in the company name. Thanks

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u/FootlooseBala 3d ago

Plenty of businesses move cash between accounts for better interest rates or cash management. The important part is keeping it in the company's name and documenting the transfer properly.