How do I reconcile / reflect a withdrawal as a drawdown?

davkell
davkell Member Posts: 27
edited April 2017 in Reckon One
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?

Comments

  • Liz Kassie
    Liz Kassie Member Posts: 7
    edited August 2016
    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.
  • davkell
    davkell Member Posts: 27
    edited April 2017
    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?

  • Liz Kassie
    Liz Kassie Member Posts: 7
    edited August 2016
    The net income will stay the same.