Allocation codes
Can someone explain the diference and where best to use the allocation codes of
* Drawings - GB
* Drawings - ST
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Hi GRMBIT
Thanks for your post. Drawings accounts are typically equity accounts used for amounts withdrawn from the business for private use. MYOB comes with a default drawings account called Owner's drawings/Personal expense, so it looks like your 2 drawings accounts have been created by a user/accountant. You would need to check with the user/accountant who created those accounts about the difference and when to use them.
Please let me know if you need further help.
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