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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
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?
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
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