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If the owners take money out of the business but pay it back in, what account should it go in as? Owner's Drawings? Loan to Owner? Also, when they accidently make a personal payment on a business credit card, how do I log that?
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Thanks for your post. I do recommend checking with the accountant about which account to allocate these amounts to as there are a few different ways these can be recorded.
From an AccountRight perspective, when the owner withdraws money from the business you can record a Transfer Money transaction. The Pay from Account will be the bank account and the Pay to Account will be the owner loan/drawing account. If the owner repays money you would record another Transfer Money, this time with the Pay from account as the owner loan/drawings account and the Pay to Account as the bank account.
Just make sure the owner loan/drawing account has the Account Type set as either Bank or Credit Card so that you can record those transactions. You can check the Account Type in Accounts List>>open the account>>Account Type.
Please let me know if you need further help.
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