Can someone please clarify Personal Drawings for me? In Sage Instant Accounts when I take a personal payment out of the business (not PAYE) I take it straight from the Bank Account and use nominal code 3011. Can I now allocate this to nominal code 3100 or do I have to put it into Partner A Drawings?
You can tag them to 3100 if you wish. Although for partnerships we pre-load the account with individual partner drawing accounts for this purpose (they work as a type of bank account), that way you can rename the defaults to the partner names and add additional ones if required.
Thank you. I don’t differentiate payments for partners so I’ll stick to keeping it simple!
Slowly getting the hang of this - hopefully be up and running live on April 1!
1 Like