Revolut Business bookkeeping for Cyprus companies

A Cyprus company receives customer payments into Revolut Business, pays suppliers by card and moves money to a local bank for payroll. Everything appears in the account, but the transaction list does not explain whether a receipt is a sale, a loan or a transfer from another company account.

This guide covers the bookkeeping decisions behind those movements. For choosing and opening an account, start with business bank accounts in Cyprus.

Map the accounts before importing transactions

Make a list of the balances the company holds, including their currencies. Create a separate ledger account for each balance you need to reconcile. Give each a clear name so a euro balance cannot be confused with a dollar balance or a personal account.

Choose a start date and prove each opening balance against the corresponding statement. If you already have a ledger, do not import the same history again without a migration plan. Follow the accountant-switching checklist when bringing records from another system.

Keep a readable statement and transaction export for each period. Check the available export options in your account rather than relying on an old screenshot of the provider's interface.

Match customer receipts to the invoices they pay

Suppose the company invoices a client for €1,000 and receives €1,000. If the invoice is already recorded, the receipt settles the customer balance. It is not a second €1,000 sale.

A receipt could instead be an owner loan, a refund from a supplier or a transfer from another company account. Use the reference, invoice and supporting correspondence to establish what happened before categorising it.

For partial payments, keep the remainder outstanding. For an overpayment, record the balance due to the customer until it is resolved. Do not force every incoming payment into revenue just to empty the unmatched list.

Keep transfers separate from business income

Moving €2,000 from a company Revolut balance to the same company's local bank changes where the cash sits. It does not generate €2,000 of sales or a €2,000 operating expense.

Match the outgoing and incoming sides as a transfer. If the two sides appear on different dates, keep the difference visible and check it clears. Any separately charged transfer fee needs its own treatment.

A movement to a shareholder's personal account is different. It might settle a reimbursement, repay a loan or pay remuneration. Use the guide to paying yourself before choosing the account.

Record fees and currency conversions clearly

Do not combine every charge under an unexplained bank difference. Keep account charges, transfer fees and currency effects identifiable, with the provider's statement or charge document behind them.

For VAT, identify what the fee actually covers. The VAT Law exempts specified financial services, but that does not mean every service supplied by a financial provider has the same treatment. Check the fee document and service before recovering VAT.

If a dollar invoice was recorded at a euro value different from the eventual settlement, the difference needs explaining as currency movement, fees or a genuine short payment. Keep the rate and date used with the entry. Our foreign-currency bookkeeping guide covers the wider month-end issues.

Keep purchase documents behind card spending

The bank line proves money moved. The purchase document explains what was bought and who supplied it. Collect both, especially when a merchant name on the statement differs from the name on the invoice.

For a company purchase paid personally, record who needs reimbursing. For a private purchase paid by the company, identify the owner transaction instead of disguising it as a business expense. Keep mixed-use spending visible for review.

See tax-deductible company expenses and what to do about a lost receipt when the supporting record is incomplete.

Finish with a month-end reconciliation

For each account and currency, compare the ledger to the statement on the same date. Investigate unmatched transfers, duplicated imports, missing fees and incorrect opening balances. Then keep the explanation for anything still outstanding.

Use the bank reconciliation routine for the detailed checks. A feed or import reduces data entry, but you still need to understand the remaining differences.

Bring the records into Sumly

Book a free Sumly demo to discuss your company's accounts and existing records. Sumly's AI bookkeeping system gives you your own dashboard and profit-and-loss reports generated in seconds. Existing books can be migrated for free.

For the level of ongoing help, compare bookkeeping plans or visit Sumly bookkeeping services. Bring a sample statement and examples of transfers, fees and foreign-currency payments so the discussion addresses your actual workflow.

Frequently asked

Is a transfer from Revolut Business to my company bank account income?

A transfer between accounts belonging to the same company is a movement of cash, not a sale. Match both sides and record any separately charged fee.

Do I need invoices as well as Revolut transaction records?

Keep the purchase or sales documents behind the payment. A transaction line explains the cash movement but may not identify the goods, services or VAT treatment.

How should I handle different currencies?

Keep each currency balance separately reconcilable, document the rates used and distinguish exchange movements from provider fees and unpaid customer balances.