sole proprietorship with respect to my PERSONAL books?

[Paul Elliott]

I will have 2 books=files, one for my sole proprietorship, the other
for my person. Everybody said I had to do it that way.  I understand
that money I initially put into the business will be "balanced" by an
equity account called "Opening Balances". When I remove money from the
business, it will be balanced, by an equity account called "Drawing
Account".

But how should I view these transactions from the point of view of my
PERSONAL books? When money disappeared from my personal bank accounts
to start the business, what is the "other half" of that transaction on
my personal books? When later money appears in my personal accounts
from the business, what is the "other half" of those transactions?

Should I create PERSONAL accounts under equity, that will move in the
opposite way as the corresponding business accounts? What is the
canonical way to do this? What should be the name of the accounts,
when things are done the "standard" way?

Thank You for reading/answering my dumb question.

-- 
Paul Elliott                               1(512)837-1096
pelliott at BlackPatchPanel.com               PMB 181, 11900 Metric Blvd Suite J
http://www.free.blackpatchpanel.com/pme/   Austin TX 78758-3117
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