sole proprietorship with respect to my PERSONAL books?

[David Carlson]

On 2/13/2013 5:53 PM, trythis wrote: Paul Elliott-2 wrote
>> But how should I view these transactions from the point of view of my
>> PERSONAL books? When money disappeared from my personal bank accounts
>> to start the business, what is the "other half" of that transaction on
>> my personal books? When later money appears in my personal accounts
>> from the business, what is the "other half" of those transactions?
>>
>> Should I create PERSONAL accounts under equity, that will move in the
>> opposite way as the corresponding business accounts? What is the
>> canonical way to do this? What should be the name of the accounts,
>> when things are done the "standard" way?
>>
>> Thank You for reading/answering my dumb question.
>>
>> -- 
>> Paul Elliott                               1(512)837-1096
>
I am not understanding the confusion.  The business would be just as
separate from your personal life as if it was your employer.  As it is a
sole proprietorship, it is also wholly owned by you.  Thus each set of
books would ideally not even be on the same computer if the business is
sufficiently successful to own a separate computer.  Use your
accountant's advice to apply the proper names to your investment, your
draw or salary, etc.  You will need to know that stuff at tax time anyway.

David
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