Owner's paid for expenses personally - reconciliation against drawings

Kathnz
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Kathnz
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Owner's paid for expenses personally - reconciliation against drawings

Hi,

For my bank account which I receive income in I normally just code it to income and then transfer it all to my personal account and code these withdrawals to drawings. (I do not make that much).

 

I have paid most of the expenses from my personal accounts so in MYOB I have set up a liability credit card bank account named Expenses paid by Owners Cash and have allocated all the expenses I have paid from my personal account to this (which again arent really that many).

 

My question is, do I need to do anything further from here?  Do I need to somehow credit the Expenses paid by Owners Cash back to drawings and if so how would I do that.  

 

Thankyou kindly.

Kath

 

 

 

 

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MYOB Moderator Neil_M
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Neil_M
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Re: Owner's paid for expenses personally - reconciliation against drawings

Hi @Kathnz 

 

I’d recommend running this past your accounting advisor, as they will be able to assist you in whether you have handled those transactions correctly, as well as the accounts used.

Regards,
Neil

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