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Post Info TOPIC: Which Sage Nominal Code to use?
Weston


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Which Sage Nominal Code to use?
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Hi, I do the bookkeeping for a small partnership.  One of the partners is buying the other partner out of the business.  An accountant has set the amount to be paid, which both partners agree.  The first payment has been made to the partner leaving, 4K cash was paid from business funds.  My questions is: which nominal code do I use to put this through Sage? Thank you.



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GJRobbins


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Without knowing more detail I would say this transaction is 'drawings' of the remaining partner.

If there is not a seperate drawings account then a debit to the partners current account would be fine.

Hope that helps

Jeremy

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Weston


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Thank you Jeremy, that makes perfect sense, I will put it thru as drawings.

Regards

Shan



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