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Rustler
RustlerAnswer
Level 15
Jul 18, 2019 9:50 AM UTC

Enter the payment and use owner equity drawing as the expense (reason) for the payment

 

For a company taxed as a sole proprietor (trader), I recommend you have the following for owner/partner equity accounts

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

 

 

2 replies

Level 10
Jul 18, 2019 9:49 AM UTC


Hi middleton

 

We appreciate you have stated that you are a sole trader however which one of our products are you using, self employed or one of our small business products?

Rustler
RustlerAnswer
Level 15
Jul 18, 2019 9:50 AM UTC

Enter the payment and use owner equity drawing as the expense (reason) for the payment

 

For a company taxed as a sole proprietor (trader), I recommend you have the following for owner/partner equity accounts

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here