Drawings

[Chris Dennis]

Hello folks

I run a small business and use GnuCash to do the sums.

What's the best way to account for 'Drawings', i.e. the money that I 
take out of the business?

I've been using an account called Equity:Owner's Equity:Drawings, and 
transferring money from my bank account and petty cash as required. 
That's fine, but the amount in the Drawings account just keeps getting 
bigger and makes the balance sheet meaningless.

I should probably close that account at the end of each year, but what 
should I close it into?  I don't want previous years' drawings to show 
up on this year's balance sheet or income statement.

cheers

Chris
-- 
Chris Dennis                                  cgdennis at btinternet.com
Fordingbridge, Hampshire, UK