How do I reconcile / reflect a withdrawal as a drawdown?
davkell
Member Posts: 27 ✭
Can anyone tell me does Reckon One facilitate draw-down's? If I was to withdraw cash (as a drawdown) not attributing it to any expenses, how do I reflect this in Reckon One when reconciling the transactions?
1
Comments
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It would depend on a couple of things and probably your accountant would be the best to answer this. If you are a sole trader and just working under your own ABN then you would set up an account called "drawings" which would be an equity account. Again, your accountant may have different ideas.
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cool. Thanks Liz. That sounds logical. Wondering how Reckon will attribute it, will Net Income stay the same or will it reduce by the drawdown figure?
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The net income will stay the same.2
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