Setting up required accounts for paying sole trader
I have just closed a company and have started out again as a sole trader.
I have set up a new entity in Reckon and used the simple Chart Of Accounts option during interview, (perhaps too simple) so I'm missing some basic accounts
I would like to know the correct way (accounts) to set up for paying myself, please.
I would like to use the Write Cheques and post to Drawings account. I need to know the correct name for the payee field, and what account type to create for this name.
I did notice the Transfer Funds option, in which I could use Trading Account in the From and Drawings (equity) in the To, but don't understand the impications.
I would really appreciate some help to get this set up correctly before I start taking money out of the Bank
Thanks in advance
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