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July 2022
July 2022
I have some entries I am unsure how I should be entering.
1. When I take money for Owners Drawings, is that a spend money from bank acct to cash drawer (my cash drawer is all private money and private accounts combined, I have no business cash.) Or should I do a Transfer money from bank acct to cash drawer?
2. Loans interest - Are they entered as a journal entry between the loan acct (liability) and the bank debit interest expense acct?
3. Loan repayments - are they a spend money or journal entry?
I hope this all makes sense.
Solved! Go to Solution.
July 2022
July 2022
Hi @Beulah
Generally speaking, you would use:
*Exception being the Current Year Earnings account would not be selectable.
To directly answer your questions it would depend on the accounts types involved into what type of transaction would be best:
I would recommend speaking to your accountant in regards to the best accounts, tax, amounts and type of transaction you should be recording.
July 2022
July 2022
Thank you Steven. That helps a lot.