Sage One - How to handle personal drawings as a sole trader

Discussion in 'Accounts & Finance' started by lazyfroguk, Jun 19, 2012.

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  1. lazyfroguk

    lazyfroguk UKBF Newcomer Free Member

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    Hello,

    I have just jumped from spreadsheets to Sage One in an effort to get my bloody act together.

    I have a question. For some reason I have my Virgin Media bill going out of my business account, but it is actually for my home internet, phone and TV. As well as this there are one or two payments made that are personal and not business expenses.

    How do I deal with these payments in sage one? At the moment I have created a separate bank account called Personal Drawings, and have represented the payments as a Transfer from the business account to my personal drawings account.

    This doesn't seem ideal though - Obviously I don't want to enter these as expenses to the business, but I am worried that when I reconcile my business account, I won't simply be able to match up the payments to the transfers. (Or will I be able to do that?)

    Just want to check before I enter all these payments as transfers then have to redo them all (especially as it seems impossible to delete a transfer, they seem to only be corrected by making an equal and opposite one).

    Thanks in advance.
     
    Posted: Jun 19, 2012 By: lazyfroguk Member since: Sep 19, 2011
    #1
  2. faradaykeynes

    faradaykeynes UKBF Ace Full Member - Verified Business

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    when you record your bank payments, entry should be

    Dr Drawings
    Cr Bank ( even main business a/c)

    no need to setup separate bank account for recording drawings
     
    Posted: Jun 19, 2012 By: faradaykeynes Member since: Apr 19, 2012
    #2
  3. Scalloway

    Scalloway UKBF Legend Free Member

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    I would just set up a drawings account in the balance sheet section and do it as a bank payment in future.
     
    Posted: Jun 19, 2012 By: Scalloway Member since: Jun 6, 2010
    #3
  4. lazyfroguk

    lazyfroguk UKBF Newcomer Free Member

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    Thanks for your replies, I have a bad feeling though that this advice relates to maybe a broader functioning Sage system, as I can't seem to do these in Sage One Accounts. May be my error though, I will carry on looking.
     
    Posted: Jun 19, 2012 By: lazyfroguk Member since: Sep 19, 2011
    #4
  5. faradaykeynes

    faradaykeynes UKBF Ace Full Member - Verified Business

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    Posted: Jun 19, 2012 By: faradaykeynes Member since: Apr 19, 2012
    #5
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