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Using bank accounts for shareholders payments and crediting to current account
Fri, 01/12/2018 - 16:02
How to set up shareholders payments and credit to current account
Set up a P&L Cost as
separately invoiced cost
and call it “shareholders salaries”
Create a bank account called “Drawings”
Create an other debtor/creditor account (Other assets and Liabilities) call it “shareholders current account”
In the “shareholders salaries” enter the amounts each month and change payment to be from the “drawings” bank account
In the “Shareholders Current Account” change the bank account to “drawings” and receive the moneys being paid as salaries
In “Shareholders Current Account” the payments enter cash taken out of the business by the shareholder each month
Go to the drawings bank account and transfer the balance into the account for the cash withdrawals to make the drawings account = 0 balance for each month
The result is the shareholders salary shows as an expense and is credited to the current account cash is withdrawn and taken from the main account.
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