Reconcile Owner's Drawings
Matt McEwen
Member Posts: 5 ✭
Hi all,
We have Funds Introduced and Drawings accounts set up for each director as Equity accounts in the COA. How to we correctly record payments that are showing on our bank feed to each owner's Drawings account? The bank feed gives options of record payment or record transfer. Choosing record payment requires us to enter a 'Contact' (customer or supplier) which does not apply here. Should we instead be treating drawings from the company bank account as a transfer to owner's Drawings account? Or are we better to do this via a journal entry? Any advice and steps on what we should be debiting/crediting would be appreciated.
Cheers
Matt
We have Funds Introduced and Drawings accounts set up for each director as Equity accounts in the COA. How to we correctly record payments that are showing on our bank feed to each owner's Drawings account? The bank feed gives options of record payment or record transfer. Choosing record payment requires us to enter a 'Contact' (customer or supplier) which does not apply here. Should we instead be treating drawings from the company bank account as a transfer to owner's Drawings account? Or are we better to do this via a journal entry? Any advice and steps on what we should be debiting/crediting would be appreciated.
Cheers
Matt
0
Comments
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You could set your self up in the supplier card for the transfers - I find doing a journal entry just as easy - although I am only new to ReckonOne also and have alot to learn - so far journal entry seems to the easiest for me.
Drawings Journal would be - " Dr Drawings Account" and "Cr Bank Account"
Funds Introduced would be - "Cr Funds Intro".... "Dr Bank Account" (if you are depositing the funds through your bank account)
Hope this helps :-)0
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