Partners drawings

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1

Although I am a sole trader, I do have two ‘partners’. Where do I record each of our drawings? I cannot find an entry for “Proprietor Drawings”.

Cheers

Gary

2

Surely you’re not a sole trader then you’re a partnership?

Easyist way (I would have thought) would be to create them as a supplier and produce an invoice, so payment to them would be an expense.

3

Hi @GaryWilliams

With a partnership, or a sole trader, you would usually tag the drawings as a transfer to a Proprietors or Partners Drawings bank account (you should have one for each to keep track of it).

You may find this part of our guide useful.

I hope this helps, but please let us know if you have any further queries

4

So I should setup 3 x Partners Drawings bank accounts (type = current account), 1 for each partner?

Where would these appear in the P&L?

5

Drawings don’t appear in the P&L, they’re purely a balance sheet thing.

6

Thanks Ian. I’ll setup the 3 accounts and start transfering entries.