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Trials & Tribulations - The drama of running a business and of life. It's not as easy as it looks. Running a business is full of drama. Customers, employees, money, family, time. You name it, it's a problem. Share with us your drama and how you handled it.

Business and personal finances?


Trials & Tribulations - The drama of running a business and of life.

It's not as easy as it looks. Running a business is full of drama. Customers, employees, money, family, time. You name it, it's a problem. Share with us your drama and how you handled it.
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Old 08-31-2009, 09:14 PM
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What I do, is go to my bank, use my business debit card, tell the teller i want to transfer money to my personal account. I keep my receipt for my books.

When it's time to enter that into the books, my accountant suggested me to go in the General Journal (could be different from accounting software) but that's where I go, then I put a credit of $0.00 from business account and I debit the Owners withdrawls account $0.00

Hope this helps
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Old 08-31-2009, 09:43 PM
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Quote:
Originally Posted by justin_time View Post
What I do, is go to my bank, use my business debit card, tell the teller i want to transfer money to my personal account. I keep my receipt for my books.

When it's time to enter that into the books, my accountant suggested me to go in the General Journal (could be different from accounting software) but that's where I go, then I put a credit of $0.00 from business account and I debit the Owners withdrawls account $0.00

Hope this helps
Careful on that one bud, CCRA considers that a shareholders loan and if not repaid within the year it's a taxable benefit.......set yourself up as a supplier, subit an invoice for your time, issue yourself a cheque, at the end of the year it's a wash if you are sole.
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Old 08-31-2009, 09:48 PM
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Quote:
Originally Posted by justin_time View Post
What I do, is go to my bank, use my business debit card, tell the teller i want to transfer money to my personal account. I keep my receipt for my books.

When it's time to enter that into the books, my accountant suggested me to go in the General Journal (could be different from accounting software) but that's where I go, then I put a credit of $0.00 from business account and I debit the Owners withdrawls account $0.00

Hope this helps
Hmmmm now I am more confused lol.
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Old 09-01-2009, 08:06 AM
justin_time justin_time is offline
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Definition:

Owner's Draw, usually just "Draw" is the amount taken out by the owner of a sole proprietorship or partnership for his or her personal use. A self-employed business owner does not usually take a salary. Instead, he or she makes an initial investment (capital contribution) in the business from personal funds and during the course of the business takes money out as draw and invests more money, from profits or from personal savings.

Owner's draw decreases the owner's capital account. Typically, a check is written on the business account to the owner and it is deposited in the owner's personal account.

Be sure to keep business and personal spending separate. The owner's draw should be the only place where personal and business intersect.
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