Owner's Draw setup under Equity group
DaveC49
davidcousens at bigpond.com
Tue Mar 14 22:20:54 EDT 2017
Hi Adrien,
I agree that using the owners Draw account in the manner you are, it is a
temporary account.
I have also seen it used in the strict sense of a contra account to record
withdrawals of capital only when a business owner draws a salary as an
employee, but whether this is allowable can depend on tax rules in a given
jurisdiction.
David C
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