Hi,
I have problem to find 'Drawings' account in Sage to enter my drawing amount. Dont know if my Sage is out of date? Can I change another account name into 'Drawings' and input data. If I can which account code I should use to replace it.
Many thanks for any advice in advance.
Regards
Tongsai
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Drawings
Re: Drawings
I use Nominal 7000 for this as it then shows up on the P&L. Obviously you would then add it back for your final end of year accounts.
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brucedenney
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Re: Drawings
I am really lazy, so I have 2 "Drawings account" one is a bank account that represents my personal wallet 1210 and one is a balance sheet drawings account 3100.
When I transfer money from the business account to my Personal account I do the same thing in Sage, If I pay for something with my personal account then I use the personal account to post it.
At the end of the year, I do a single bank transaction to 3100 to zero out the bank account.
There is merit in keeping a drawings account in the P&L. You should do it whichever way you like best.
When I transfer money from the business account to my Personal account I do the same thing in Sage, If I pay for something with my personal account then I use the personal account to post it.
At the end of the year, I do a single bank transaction to 3100 to zero out the bank account.
There is merit in keeping a drawings account in the P&L. You should do it whichever way you like best.
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