Double entry on Propietor Drawings?

[Pjam27]

Why when entering Proprietor Drawings as money out does Quickfile make a corresponding money in entry?

[QFSteve]

Hello @Pjam27

QuickFile, like a lot of other accountancy packages is based on double entry bookkeeping.

This means there are always at least 2 entry’s per transaction.

In your example the money went out (1 entry), where did it go (the corresponding entry).

[ian_roberts]

When you take drawings directly from your business bank account the normal way to record it would be to tag the “money out” transaction in the current account as a “bank transfer” and select proprietor drawings as the destination bank account. The act of tagging as a bank transfer will create a money in transaction in the drawings bank account.