Partner drawings and year end

Accounting
1

I have just done my year end using the YE tool, throughout our first year of trading I have always tagged bank transactions for drawings to both partners drawings accounts as advised, when I have run the YE. Tool our drawings totals for the year have been carried forward onto our current balance sheet and shown as retained profit and un distributed reserves? How do I deal with this? These partner drawings have been in effect our wages and wouldn’t expect these to be carried forward or shown as retained profit, if left as is, when I do the next year end our drawings would once again be added to the balance sheet thus increasing the retained profit further?

Any help would be greatly appreciated, apologies if this topic has already been covered however my search did not provide any answers.

Forgot to mention, we are trading as a none ltd partnership

Many thanks
Rob

2

Ok, do I need to create a new nominal account for partner drawings and then transfer the retained profits to this? Could this then be added to the year end journal so retained profit does not show on balance sheet

Any help would be greatly appreciated
Rob