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