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how "draw" payments from a personal account are reflected in the bank account transaction list.
This is a question regarding how "draw" payments from a personal account are reflected in the bank account transaction list.
I set up the bank account, entered the starting balance, then recorded a few transactions. I wanted to make a draw payment and searched through Satisfaction but couldn't find the buttons that Roan and Ed advised, "You record Drawings by explaining the appropriate bank transactions (in the Banking section) as Money paid to user > Drawings."
I made a "draw" payment using "New Manual Bank Entry" and for type, selected "Money Out: Other Money Out" and under Category, I believe I chose "Realized Currency Exchange Gain/Loss"
Now the transaction has disappeared! Under bank account summary, it shows the balance reflecting this payment, but under the account detail and transaction list, it shows a different balance - as if it never took place.
I set up the bank account, entered the starting balance, then recorded a few transactions. I wanted to make a draw payment and searched through Satisfaction but couldn't find the buttons that Roan and Ed advised, "You record Drawings by explaining the appropriate bank transactions (in the Banking section) as Money paid to user > Drawings."
I made a "draw" payment using "New Manual Bank Entry" and for type, selected "Money Out: Other Money Out" and under Category, I believe I chose "Realized Currency Exchange Gain/Loss"
Now the transaction has disappeared! Under bank account summary, it shows the balance reflecting this payment, but under the account detail and transaction list, it shows a different balance - as if it never took place.
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Inappropriate?Hello Edward,
What's probably happened is that you've got your bank account set up as a personal bank account.
If you want to enter Money Paid to User > Drawings (which is correct), then you need to set the bank account as a business account in FreeAgent.
To do this, click on the bank account under Banking, then click the account's name from the list.
Click the Edit Details button.
Untick the box that says "This is a personal account".
Save your changes.
Once you've done this, you should be able to amend the payment to Money Paid to User > Drawings.
Does that help, please?
Kind regards,
Emily -
Inappropriate?Great! Thank you for the quick reply. I followed your instructions and everything balances. Thanks!
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Inappropriate?Hi Edward,
No problem at all. If you have any further queries please don't hesitate to ask.
Kind regards,
Emily
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