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

[John Layman]

You don't say clearly whether you are handling your personal finances with
GnuCash, as well.  I have a separate set of GnuCash books for personal and
business accounting.  Interchange of funds between business and personal
purposes is all handled by way of equity transactions and a bit of
record-keeping discipline.  Money transferred from a business checking
account to a personal checking account does so via an Equity:Owner's Draw
account in the business COA and a corresponding Equity:Business Draw account
in the personal COA.  Funds that transfer the other way do so via
Equity:Business Contribution (Personal COA) and Equity:Capital Contribution
(business COA).

As for charitable giving, it would seem to be a matter of whether the
donation is from you, personally, or from your business entity.  In my case,
such donations are treated as personal Expense:Charitable Giving items, and
church-related giving goes into a Christian sub-acount of that.  Since we
roughly tithe business draw, I have a custom report that lets me quickly
monitor giving versus draw.

Hope that helps.

-----Original Message-----
From: gnucash-user-bounces+john.layman=laymanandlayman.com at gnucash.org
[mailto:gnucash-user-bounces+john.layman=laymanandlayman.com at gnucash.org] On
Behalf Of Lorretta A Walker
Sent: Tuesday, January 24, 2012 1:20 PM
To: gnucash-user at lists.gnucash.org
Subject: how do I account for a withdrawal from my business account to
personal account

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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