Re: Owner withdrawals in journal?
thanks, that's really helpful. Also, thanks to the other people who replied. On Thursday, 7 September 2023 at 23:26:45 UTC+1 Brandon Olivares wrote: > As a professional bookkeeper, this is definitely an Equity. It should be > something like Equity:Owner Draws. It is not an expense. > > On Sep 7, 2023, at 5:52 AM, Michael Jones wrote: > > Apologies if this has been asked before. I'm just staring out with Ledger > and have got a bit stuck. > > I'm not quite sure I understand how to enter owner withdrawals in my > journal. I know it's not an asset or a liability. What type of account is > it? > > At the moment I've just got something like this: > > 2023/06/11 MJ Monthly > Assets:PW Current£ -2500.00 > Withdrawals £ 2500.00 > > Do I need to be doing something with Equity? > > Many thanks, > > Mike > > -- > > --- > You received this message because you are subscribed to the Google Groups > "Ledger" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to ledger-cli+...@googlegroups.com. > To view this discussion on the web visit > https://groups.google.com/d/msgid/ledger-cli/100058ba-4e8d-4140-bb27-d652ab89bce7n%40googlegroups.com > > <https://groups.google.com/d/msgid/ledger-cli/100058ba-4e8d-4140-bb27-d652ab89bce7n%40googlegroups.com?utm_medium=email_source=footer> > . > > > -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to ledger-cli+unsubscr...@googlegroups.com. To view this discussion on the web visit https://groups.google.com/d/msgid/ledger-cli/b078e905-bc29-47f7-a535-c22838d68fefn%40googlegroups.com.
Re: Owner withdrawals in journal?
As a professional bookkeeper, this is definitely an Equity. It should be something like Equity:Owner Draws. It is not an expense. > On Sep 7, 2023, at 5:52 AM, Michael Jones wrote: > > Apologies if this has been asked before. I'm just staring out with Ledger and > have got a bit stuck. > > I'm not quite sure I understand how to enter owner withdrawals in my journal. > I know it's not an asset or a liability. What type of account is it? > > At the moment I've just got something like this: > > 2023/06/11 MJ Monthly > Assets:PW Current£ -2500.00 > Withdrawals £ 2500.00 > > Do I need to be doing something with Equity? > > Many thanks, > > Mike > > -- > > --- > You received this message because you are subscribed to the Google Groups > "Ledger" group. > To unsubscribe from this group and stop receiving emails from it, send an > email to ledger-cli+unsubscr...@googlegroups.com > <mailto:ledger-cli+unsubscr...@googlegroups.com>. > To view this discussion on the web visit > https://groups.google.com/d/msgid/ledger-cli/100058ba-4e8d-4140-bb27-d652ab89bce7n%40googlegroups.com > > <https://groups.google.com/d/msgid/ledger-cli/100058ba-4e8d-4140-bb27-d652ab89bce7n%40googlegroups.com?utm_medium=email_source=footer>. -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to ledger-cli+unsubscr...@googlegroups.com. To view this discussion on the web visit https://groups.google.com/d/msgid/ledger-cli/5EC66D93-BEEA-423F-B9BF-ABD98B9A4322%40gmail.com.
Re: Owner withdrawals in journal?
On Thu, Sep 7, 2023 at 4:38 PM John Wiegley wrote: > > > "MJ" == Michael Jones writes: > > MJ> Owner withdrawals - I mean money that I take out of my business each > MJ> month. > > It sounds like an asset transfer, from the company’s assets to your assets, is > that about right? > > IANAA but imo an asset transfer is an expense to one side and income to the other. The trick is that to the company its a special kind of expense and to the owner its a special kind of income - - - especially true in the way that the tax man sees the transactions. Here I would check in what the gooberment has to say about it. Ignore most of the following (from the Canada Revenue Agency - - - see line 9932. ( Part 9 – Details of equity If you are a partner in a partnership that must file a partnership information return, do not fill in this section. Line 9931 – Total business liabilities A liability is a debt or an obligation of a business. Total business liabilities are the total of all amounts your business owes at the end of its fiscal period. Total business liabilities include: accounts payable notes payable income taxes and taxes payable unpaid salaries, wages and benefits interest payable deferred or unearned revenues loans payable mortgages payable any other outstanding balance related to the business Line 9932 – Drawings in the current year A drawing is any withdrawal of cash (including salaries) or other assets, or services of a business by the proprietor or partners. This includes transactions by the proprietor or partners (or family members), like withdrawing cash for non-business use and using business assets and services for personal use. Include the cost or value of the personal use of business assets or services in your drawings for the year. HTH -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to ledger-cli+unsubscr...@googlegroups.com. To view this discussion on the web visit https://groups.google.com/d/msgid/ledger-cli/CAPpdf58bqsQmg-XUMGp9YaA598AtKcywno%3Dh0Sw%3D%2B29E7QVo1Q%40mail.gmail.com.
Re: Owner withdrawals in journal?
> "MJ" == Michael Jones writes: MJ> Owner withdrawals - I mean money that I take out of my business each MJ> month. It sounds like an asset transfer, from the company’s assets to your assets, is that about right? John -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to ledger-cli+unsubscr...@googlegroups.com. To view this discussion on the web visit https://groups.google.com/d/msgid/ledger-cli/m2a5tx3bqn.fsf%40newartisans.com.
Re: Owner withdrawals in journal?
Hi John, Owner withdrawals - I mean money that I take out of my business each month. I found this definition on the web: "A withdrawal, when used in business terminology, is the withdrawal of funds from a company’s assets for private use." I don't think it's an expense account. Mike On Thursday, 7 September 2023 at 22:03:48 UTC+1 John Wiegley wrote: > > "MJ" == Michael Jones writes: > > MJ> Apologies if this has been asked before. I'm just staring out with > Ledger > MJ> and have got a bit stuck. > > MJ> I'm not quite sure I understand how to enter owner withdrawals in my > MJ> journal. I know it's not an asset or a liability. What type of account > is > MJ> it? > > MJ> At the moment I've just got something like this: > > MJ> 2023/06/11 MJ Monthly > MJ> Assets:PW Current£ -2500.00 > MJ> Withdrawals £ 2500.00 > > MJ> Do I need to be doing something with Equity? > > Can you say more about what “owner withdrawals” are? > > John > -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to ledger-cli+unsubscr...@googlegroups.com. To view this discussion on the web visit https://groups.google.com/d/msgid/ledger-cli/28d692b8-8c04-42d3-814c-334397835af8n%40googlegroups.com.
Re: Owner withdrawals in journal?
> "MJ" == Michael Jones writes: MJ> Apologies if this has been asked before. I'm just staring out with Ledger MJ> and have got a bit stuck. MJ> I'm not quite sure I understand how to enter owner withdrawals in my MJ> journal. I know it's not an asset or a liability. What type of account is MJ> it? MJ> At the moment I've just got something like this: MJ> 2023/06/11 MJ Monthly MJ> Assets:PW Current £ -2500.00 MJ> Withdrawals £ 2500.00 MJ> Do I need to be doing something with Equity? Can you say more about what “owner withdrawals” are? John -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to ledger-cli+unsubscr...@googlegroups.com. To view this discussion on the web visit https://groups.google.com/d/msgid/ledger-cli/m2fs3p66oq.fsf%40newartisans.com.
Owner withdrawals in journal?
Apologies if this has been asked before. I'm just staring out with Ledger and have got a bit stuck. I'm not quite sure I understand how to enter owner withdrawals in my journal. I know it's not an asset or a liability. What type of account is it? At the moment I've just got something like this: 2023/06/11 MJ Monthly Assets:PW Current£ -2500.00 Withdrawals £ 2500.00 Do I need to be doing something with Equity? Many thanks, Mike -- --- You received this message because you are subscribed to the Google Groups "Ledger" group. To unsubscribe from this group and stop receiving emails from it, send an email to ledger-cli+unsubscr...@googlegroups.com. To view this discussion on the web visit https://groups.google.com/d/msgid/ledger-cli/100058ba-4e8d-4140-bb27-d652ab89bce7n%40googlegroups.com.
