Drawings

[davepikecs]

When I take drawings instead of tagging it to Proprietor drawings account (1202) is there any reason I can’t tag it straight to Proprietor or partner drawings (3100) as this money is for personal use and will not be going back into the business.

[QFBeth]

Hi @davepikecs

You should be able to tag it as something else not on the list and then specify a nominal code, or you can create a journal however it’s best to check with an accountant as there may need to be more of a trail

[davepikecs]

Thanks for that Beth and I see what you mean about a trail, so would you say it may be better to tag it to proprietors drawings account (1202) then move it to proprietor or partner drawings (3100) later? Maybe quarterly?

[QFBeth]

Hi @davepikecs

I wouldn’t like to give you incorrect advice as I am not an accountant so it may be best to ask yours to confirm

[davepikecs]

Ok thank you, new to this so just familiarising myself with the software ready for next April start.

[Paul_Courtier]

You will need to move it at year end anyway when you run the year end tool. Other than that, I don’t think anyone will be bothered by which one you use during the year.