Hello, I've started taking out money of my business account and want to know what sort of account it should be allocated to? I would have thought it's an expense but apparently not. Could someone explain this please?
Hi there @givenslawns,
If you're taking money out of your business account, it should be allocated to an "Owner's Drawings" account, not an expense account. This is because drawings are considered a reduction of the owner's equity in the business, not a business expense. I recommend speaking to your accountant for more detailed advice.
Regards,
Shella
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