sole proprietorship with respect to my PERSONAL books?

[Liz]

On Wed, 13 Feb 2013 17:19:37 -0600
Paul Elliott <pelliott at blackpatchpanel.com> wrote:

> Thus money has to flow between the entities.
> 
> The question is, how to account for this, when I have 2 sets of books
> like everyone recommends. No one would want to own a sole
> proprietorship hermetically sealed off from the rest of one's
> life. People create sole proprietorships to make money that they want
> to spend.
> 

As mine is now "old" it pays me a salary every month.
Sometimes I draw on equity.

But all the time expenses which are paid for out of my personal account
(fuel, computer stuff) are logged against a loan.
I repay the loan moneys at regular intervals.


I wish I had kept the accounts more carefully at the beginning, because
then the liability account in the business "Internal Loan" would
actually equal the asset account in the personal stuff "Business Loan"