Recording Money Out Question

Question asked by Colin Thompson 10 years ago

Ho when recording money out of a bank account what do I put down for just taking cash out at a cash machine to spend on myself?

It seems that every time you record money there is only an option to explain it as a business expense.

I am just back dating my bank statements data into clearbooks from February up till now to all the data for income and expenditure is up to date but allot of the times I withdraw money its not for business use and just money to spend.

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9 Replies

Money > Manage Money > Money Out > Explain to Drawings (right down the bottom)

Don't use the Purchases > Money Out feature.

Best answer
10 years ago

Hi Colin

Are you self-employed or a limited company?

10 years ago

Hi Colin,

You can record this as Drawings.

10 years ago

There is no drawings option on mine. I am going to manage money then filling in money out to add money that has came out my account, but when you ahve to explain the withdrawal there is only business expense options.

Maybe I am filling this in wrong not really sure.

I tried to import bank statements but the tables would not recognize outgoings and income correctly and recorded all transactions as receipts so I am filling in the details one by one.

10 years ago

Money > Manage Money > Money Out > Explain to Drawings (right down the bottom)

Don't use the Purchases > Money Out feature.

Best answer
10 years ago

Hi Colin,

Kevin is correct - also I have checked and you are registered as a limited company. It would be best to confirm with an accountant but Dividends would be the appropriate account in this case I believe.

10 years ago

...or he's using Clear Books wrong which may well be the case.

10 years ago

Hi thanks, yes I must have selected limited company when registering I have now changed that to sole trader and I see drawings is now there. Thanks.

10 years ago

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