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Forum nameTips & Tricks
Topic subjectRE: How to deal with reimbursement in general ledger
Topic URLhttps://www.businessownersideacafe.com/forums/dcboard.php?az=show_topic&forum=118&topic_id=34&mesg_id=36
36, RE: How to deal with reimbursement in general ledger
Posted by roxanne, Tue Jan-09-07 10:30 AM
When owners of a sole proprietorship take money out for their personal use, it is called a draw. Draw is classified as an equity account. If you are reimbursing yourself for a business expense, such as office supplies, cut yourself a check and classify the expense as office supplies. You can cut a check for multiple classifications. Are you using Quickbooks?
Also, you can get free business advice and assistance with your local Small Business Development Center. Go to www.sba.gov to find and SBDC office near you.