Forum Discussion

Member

9 months ago

Solved

Owners Equity

How do I categorise Owners Equity and Drawings from the Bank Account. I have a separate account just for my business and need to transfer in some working capital. Also need to know how to categorise when I take an Owner Drawing.

Maggie-Solo
9 months ago
Hey colinpbriggs you can categorise this in Solo via smart-match your transactions through your Connected Accounts, or you can add it in manually via Money In/Money Out.

Solo uses the default equity names Personal Income and Personal Expense. We’d recommend keeping those names as-is (we know it’s tempting to rename, but it can cause a bit of chaos behind the scenes and is tricky to fix).

4 Replies

Abbymccarthy95
Member
6 months ago
Hey Maggie, I am having the same issue. However, when I enter an expense or income through the money in or money out, I don’t have the option to select any of the equity categories such as personal income or personal expense. My only options are categories under the headings of income, expenses, liabilities or assets. How do I fix this?
Maggie-Solo
MYOB Staff
9 months ago
Hey colinpbriggs you can categorise this in Solo via smart-match your transactions through your Connected Accounts, or you can add it in manually via Money In/Money Out.

Solo uses the default equity names Personal Income and Personal Expense. We’d recommend keeping those names as-is (we know it’s tempting to rename, but it can cause a bit of chaos behind the scenes and is tricky to fix).
Bexk
Member
2 months ago
I am having the same problem selecting “equity” for “owners drawings”
This NEEDS to escalated ASAP, it’s not proper accounting software if you cannot make this selection.
Maggie-Solo
MYOB Staff
2 months ago
Hey Bexk our tech team are on the case and are busy working away behind to bring this feature to life! We love hearing your feedback - keep it coming!