My business is a sole proprietorship, not a company. If I take money out of my business account as Drawings, what other account do I post it to. I set it up as an expense account, but that falsely reduces the profit line. It should be against a capital or equity account I presume. I'm in Canada so don't know if some of these conventions and terms are different from the UK.
How to handle drawings
Discussions are closed to public comments.
If you need help with Easy Books please
start a new discussion.
Keyboard shortcuts
Generic
| ? | Show this help |
|---|---|
| ESC | Blurs the current field |
Comment Form
| r | Focus the comment reply box |
|---|---|
| ^ + ↩ | Submit the comment |
You can use Command ⌘ instead of Control ^ on Mac
#1 Posted by Admin Support staff on 18 Jul, 2011 08:39 AM
Hi Kim,
I wouldn't want to give you bad advice, and this seems like a good quick question for an accountant. I would suggest keeping a dedicated bank account for your business though if you can because this will help in the statement reconciliation.
Mathew
Admin closed this discussion on 18 Jul, 2011 08:39 AM.