Just wondering if anyone can guide me how to process a transfer of money to the owner's drawingsThat 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.
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.
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?
Yes, you would only use capital accounts if there were multiple owners.
@SteveLittle, also read the Guides about capital accounts and simple equity accounting for sole traders.
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.