How do I set up proprietor’s drawings in Microsoft Office Accounting
This assumes that you are a sole trader rather than a limited company. If you are withdrawing wages (drawings) then you use the “Enter Payment” in the Banking Menu and select Employee Reimbursement option (I know you aren’t strictly speaking an Employee but you are just using the easiest function to get drawings into the system. (You will need to make sure that you are set up as an employee by selecting ‘New Employee’ on the Employees menu.
When you put the cheque through the employee reimbursement function choose “drawings” as the financial account to post.
If you haven’t got a “drawings” account (as above) then you can set one up by going into the Company menu and adding a “New Account” – a Balance Sheet account. Choose the equity account classification in this case.
