I take drawings instead of wages so what category do i put this under ?
Owner equity draw
For a company taxed as a sole trader, I recommend you have the following for owner/partner equity accounts (one set for each partner if a partnership)
[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
I take drawings instead of wages so what category do i put this under ?
Owner equity draw
For a company taxed as a sole trader, I recommend you have the following for owner/partner equity accounts (one set for each partner if a partnership)
[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
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