Small business - takings by owner and taxes.

[Derek Atkins]

Checking -> Expenses:Capital Withdrawal

-derek

Quoting Wouter van Marle <wouter at squirrel-systems.com>:

> Hi all,
>
> As small business owner, I want to take some of the profits now and then
> for own use. In accounting terms, this is not a salary (as what I pay to
> my employee - this I can book directly as an expense), though it is
> taken out of (usually) the bank account of the business, but it is not
> an expense.
>
> How to book these transactions properly?
>
> Then I've a small issue with last year's tax. The 2005/06 tax year has
> just ended (the fiscal year starts on 1/4); but I only just got the tax
> payable over the '04/05 tax year. That should be an expense for the
> previous year, however the payment will be done in this year of course.
> Any easy way to correctly do this?
>
> Wouter.
>
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-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available