IanChait wrote:
Hi shau
Yes, using Owners/Shareholder's Capital is fine.
Owners/Shareholder's Drawings is the account you would use if you are a Sole Trader to record any payments you have made to yourself, or personal expenses paid from the business. If the business is a company, it should not use this account, but rather a 1-XXXX or 2-XXXX account. It puts it in a different place on the Balance Sheet.
Hope this helps.
IanChait Thanks, Ian. I am a Sole Trader, but just for completeness of the answer for others' benefit, of the below, which account would a company equivalently use for Owners/Shareholder's Capital and Owners/Shareholder's Drawings?
Account No. Account Name Current Balance
1-0000 Assets
1-1000 Current Assets
1-1100 Bank Accounts
1-1110 CBA Smart Access
1-1120 Citibank Savings Account $0.00
1-1130 Citibank Transaction Account $218.51
1-1140 Petty Cash/Cash On Hand $0.00
1-1150 BankWest Business $0.00
1-1200 Clearing Accounts $0.00
1-1210 Undeposited Funds Account $0.00
1-1220 Electronic Clearing Account $0.00
1-1230 Payroll Clearing Account $0.00
1-1240 PayPal Clearing Account $0.00
1-1300 Other Current Assets $83,485.24
1-1310 Trade Debtors $83,485.24
1-1320 Inventory $0.00
1-1330 Deposits To Suppliers $0.00
1-1340 Prepaid GST $0.00
1-1350 Voluntary Withholding Credits $0.00
1-1360 ABN Withholding Credits $0.00
1-2000 Non-Current Assets $0.00
1-2100 Furniture $0.00
1-2110 Furniture At Cost $0.00
1-2120 Accum. Depr. Furniture $0.00
1-2200 Office Equipment $0.00
1-2210 Office Equipment At Cost $0.00
1-2220 Accum. Depr. Office Equipment $0.00
1-2300 Computers $0.00
1-2310 Computers At Cost $0.00
1-2320 Accum. Depr. Computers $0.00
1-2400 Store Fittings $0.00
1-2410 Store Fittings At Cost $0.00
1-2420 Accum. Depr. Store Fittings $0.00
1-2500 Low Value Pool $0.00
1-2510 Low Value Pool At Cost $0.00
1-2520 Accum. Depr. Low Value Pool $0.00
1-2600 Buildings $0.00
1-2610 Buildings At Cost $0.00
1-2620 Accum. Depr. Buildings $0.00
1-2700 Improvements $0.00
1-2710 Improvements At Cost $0.00
1-2720 Accum. Depr. Improvements $0.00
1-2800 Leased Equipment $0.00
1-2810 Leased Equipment At Cost $0.00
1-2820 Accum. Depr. Leased Equipment $0.00
1-2900 Land $0.00
1-2910 Land At Cost $0.00
2-0000 Liabilities -$163.98
2-1000 Current Liabilities -$163.98
2-1100 Credit Cards -$551.61
2-1110 CBA Mastercard ending 4328 -$551.61
2-1200 GST Liabilities $649.92
2-1210 GST Collected $1,518.14
2-1220 GST Paid -$868.22
2-1300 Other Tax/Withholding Liab. $0.00
2-1310 Voluntary Withholdings Payable $0.00
2-1320 ABN Withholdings Payable $0.00
2-1330 Company Tax Instal. Payable $0.00
2-1340 FBT Instalments Payable $0.00
2-1360 Luxury Car Tax Payable $0.00
2-1370 Sales Tax Payable $0.00
2-1400 Payroll Liabilities $0.00
2-1410 PAYG Withholding Payable $0.00
2-1420 Superannuation Fund #1 $0.00
2-1430 Superannuation Fund #2 $0.00
2-1440 Superannuation Fund #3 $0.00
2-1450 Superannuation Fund #4 $0.00
2-1460 Superannuation Fund #5 $0.00
2-1470 Child Care Payable $0.00
2-1480 Union Fees Payable $0.00
2-1490 Other Payroll Liabilities $0.00
2-1500 Other Current Liabilities -$262.29
2-1510 Trade Creditors -$262.29
2-1520 Customer Deposits $0.00
2-1530 A/P Accrual - Inventory $0.00
2-1540 Lease On Equipment $0.00
2-1550 Liability #1 $0.00
2-1560 Liability #2 $0.00
2-1570 Credit Notes Issued $0.00
2-1580 Gift Vouchers Issued $0.00
2-1590 Lay-by Payments $0.00
2-2000 Non-Current Liabilities $0.00
2-2100 Business Loan #1 $0.00
2-2200 Business Loan #2 $0.00
2-2300 Business Loan #3 $0.00
2-2400 Business Loan #4 $0.00
Thanks.