Difference between Drawings Account and Drawings

Support
1

What is the difference between Proprietor Drawings Account and Proprietor/Partners Drawings?

2

Hi @Raj

Are you referring to the nominal code ‘Proprietor/Partner Drawings’, or have you seen this somewhere else?

If it’s in relation to the nominal code 3100, this is used to track the money you take out of the business as a Sole Trader. It’s good practice to journal from the virtual bank account (usually nominal 1202 by default) to 3100 to ensure it shows correctly on your balance sheet.

You may wish to take a look at this post which shows the process of doing this, along with recording any capital introduced by a Sole Trader:
http://community.quickfile.co.uk/t/sole-trader-drawings-on-p-l/12072/4

3

Hi,

Yes I was referring to the Nominal Codes.

Thank you so much for the information.

Fantastic Support :slight_smile:

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