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Drawings and how they apply

 
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curtismiller



Joined: 04 Oct 2010
Posts: 2

PostPosted: Thu Oct 07, 2010 2:44 pm    Post subject: Drawings and how they apply Reply with quote

Hi there

I wonder if someone can help clear something up for me regarding drawings, how they are managed in MYOB and the implications of them.

I am a sole trader. I have a separate business banking account from which each month I take money to pay for my living expenses.

I've realised that these withdrawals are unaccounted for in my expenses and will lead to issues relating to my Bank Reconciliations and as such have never done performed one.

I pay GST and also PAYG Installments for my Income tax

My questions is this, how do I record these drawings in MYOB and how do I avoid double counting entries such as the proportion or Rent and Utilities that I attribute to my business via separate expense records?

Also, to which Accounting code do I allocate these drawings?

I know this is quite convoluted but i'd love to get my head around this.

Thanks for any help.

Curtis
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DiB



Joined: 18 Sep 2010
Posts: 3
Location: Brisbane

PostPosted: Fri Oct 15, 2010 7:40 pm    Post subject: Reply with quote

Hi,
You need to setup an account under Equity called Drawings or Owners Drawings - than everytime you take money out - or pay for your personal expenses it is posted to this account.
cheers
Di
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Cheers
Di
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toofatladies



Joined: 13 Apr 2011
Posts: 15

PostPosted: Thu May 05, 2011 5:35 am    Post subject: Reply with quote

I set myself up as a supplier and i have one main business acc that i reconcile. If an expense is personal i select myself as a card and then code it to drawings. I put my home expenses as creditor bills( purchases)recording the full amt and have them paid out of the business acc , at the end of the year i look at these utility expenses and apportionate the whole figure down to my usage usually with electricity and rent about 20% of bill and do a journal entry cr the expense acc and dr drawings for the remainder 80% for each bill separately.
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