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Post Info TOPIC: Drawings Nominal Account
RichGriff


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Drawings Nominal Account
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Which section (SAGE 50) of the nominal ledger should I create the drawings account, also what type and catagory are selected in the wizard?

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Marky65


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Hi

I would use account 3201, which would sit in Capital & Reserves in the balance sheet

Regards

Mark

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M & G Associates

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Accountancy Services Plymouth, Bookkeeping Payroll Sage Training

 
RichGriff


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Thanks Mark,

Could you explain why money being paid out (drawings) is grouped as Capital & Reserves?

Rich

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Marky65


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Because the drawing which should not exceed the reserves of the business are seen as a reduction of the capital & reserves of the business.

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M & G Associates

Website www.mgassociates-accountancy-services.co.uk/

Accountancy Services Plymouth, Bookkeeping Payroll Sage Training

 
RichGriff


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OK, Thanks Mark

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