How to record drawings and capital introduced in Sage (partnership)???? - The Book-keepers Forum (UK)

rachel_mclean · Guru

How to record drawings and capital introduced in Sage (partnership)????

kjmcculloch83 · Expert

Hi Rachel,

I'd be crediting the partners Current Account but you'll get the same answer.

Kris

FoxAccountancyServices · Expert

Hi Rachel

In sage, you can create sub codes to every other code.

So using 3000 as an example

3000 - Partner 1 - balance brought forward
30000 - Partner 1 - capital introduced
30001 - Partner 1 - cash and transfers
30002 - Partner 1 - self assessment and NIC paid by business
30003 - Partner 1 - miscellaneous drawings

3001 can then be Partner 2

Then on your accounts, you can just group the drawings codes together - and its handy if the client queries drawings.

HTH :)

rachel_mclean · Guru

Thanks very much Kris, Michelle thanks you very much for that explanation - really appreciated

Sharon Eyre · Senior Member

I would be tempted to keep these transactions separate -if they are paying for business expenses with their own money I would set up expenses accounts in the bank area and then when they are reimbursed it can be cleared off or if they aren't then it can be journaled out to the capital account
At least this way it can be monitored as to how much they are spending for the business

rachel_mclean · Guru

Actually Sharon that sounds like a better idea, thanks very much