DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

How to process drawings


#1

Just wondering if anyone can guide me how to process a transfer of money to the owner’s drawings
That is when I transfer money out of the business account and into a personal account but do not want to draw it as a wage. I am sure it is in a guide somewhere but I can’t seem to find any reference to it.


#2

Are you using the Capital Accounts tab,
If yes, in the Spend Money the Account is Capital Account + (name) + Drawings (the last two will appear after Capital Account has been selected)

If no, what accounts do you have in the BS - Equity section.


#3

I am wanting to use the capital account in the BS side but having trouble finding how to install/activate it?
Or do I simply create the account in the equity group myself?


#4

Yes, you would only use capital accounts if there were multiple owners.


#5

Thank you


#6

@SteveLittle, also read the Guides about capital accounts and simple equity accounting for sole traders.


#7

thanks - all sorted now and all operational and ready for the new financial year in a few days.
Excited now to start to use this software.