Hi, I run a sole member LLC and need to pay myself from time to time so i transfer funds from my business account to personal checking account. The problem I see is how to show them in Manager?
You make a payment and post it to your capital account
I hope you have not mixed your personal accounts and business accounts into the one business
If you use the chatbot on the guides page you will get a good reply
Alternatively search the old guides for examples https://www2.manager.io/guides
2 Likes
Hi, Thank you very much. How do I set-up a Capital Account? I have not mixed personal and business accounts.
In chart of accounts where will it be placed?
check guides for chart of accounts.
create Drawing Account in Equity
you will be able to create payments/receipts againts Drawing Account or you can use Journal Entries where required.
Below any post such as this (scroll down) you will notice other forum pots about the same. Even when typing your post on the right side you will see suggestions (links) to similar topics and often you should just click on those rather than creating new topics.
1 Like
Thanks. I have done this and it has largely helped streamline the records.
I do have one other follow-up question.
How do i show opening balance for my business account in manager as i do not want to go back in time and keep adding entries for previosu years when i managed things in xlsx.
@Saurabh_Kapure, please read the rules of the forum at FAQ. They will tell you not to divert topics with unrelated questions, which you just did. They will also tell you to read the Guides and search the forum before posting, both of which would have produced the answers to your questions.
4 Likes
Noted.