Firstly it’s a very damp & dreary Monday morning so apologies if this is obvious but my brain is not yet in gear…
When marking drawings out of the business (Sole Trading partnership) I have been manually marking these as a bank transfer to the partner drawings account.
Could you advise what (if anything) different the ‘Salary or Partner Drawings’ function does on the same menu please?
Should I be using this instead?
Many thanks,
John.
Hi John,
If you use the ‘Salary or partner drawings’ option you’ll be given two choices - Employee Salary (PAYE) or Partner Drawings. If you have employees you are tagging their pay, then this is the correct option to use.
If you are tagging your own drawings (e.g. that of the sole trader), then you can either use this option or the bank transfer option as both perform the same action.
The main thing would be to ensure that your journal would be correct at year end to reflect this correctly on your accounts. There’s a post with some more details on the journals here
Smashing - thanks for clearing that up!
Much appreciated.
John
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