Owner draw from business account setup

[Erwin Winkel]

It is nice when people share their knowledge on HOW & WHAT they do. A tool
can be used in many ways and it is not always easy to find the optimal
solution yourself...
So, keep on sharing the WHAT as well as the HOW.
People can then decide for themselves if it is applicable for them or to go
elsewhere for more knowledge.

Just my € 0,02.
Regards,
Erwin Winkel

2009/8/11 Mike or Penny Novack <stepbystepfarm at mtdata.com>

>
>  IANAA, but I belive that you would do it something like:
>>
>> Bank:Checking -> Equity:OwnersDrawing.
>>
>> My business pays me salary, (ignoring the splits to account for taxes etc.
>> witheld), which goes checking -> Expenses:Salaries.
>>
>>
>>
> With the difference between these two ways of doing it depending upon the
> organizational form of the business (unincorporated vs incorporated). The
> sad reality is that neither GnuCash nor any other similar software can tell
> you WHAT you should be doing. Not a replacement for elementary accounting
> skills or lacking those, help/advice from an accountant.
>
> We can advise on HOW to do something using GnuCash but properly shouldn't
> be advising about what you should be doing. The WHAT comes before the HOW.
>
> Michael
>
>
>
>
>
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