how do I account for a withdrawal from my business account to personal account

[Dan Smith]

Basic principle: the money you take out of an account always has to go _somewhere_.  You have to have a destination account, which may represent another bank account, or an expense category, or a loan, etc.

How you organize the accounts is up to you.  As a minimum, you need one place to put the money you take out; maybe something like an expense category called "Profits"? (I know nothing about running a business...)  If it's useful to you to keep track your personal bank account balance here, or how much of this money is a donation, or how much goes to individual partners, or whatever, you should make additional accounts.  The idea is to split things up into small enough pieces that you can keep track of the useful information you need, but no smaller -- no point in having a dozen different accounts if one will do.

—Dan

On Jan 24, 2012, at 10:19 AM, Lorretta A Walker wrote:

> Periodically, I have to withdraw some funds from my business checking
> account (on GnuCash) to my personal bank account and to my church's account
> for a monthly donation. How do I do this on GnuCash? Would I have to set up
> the personal and church accounts on GnuCash also? Please advise.
> 
> 
> 
> Thanks,
> 
> Lorretta A. Walker
> 
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