Hi I still have the off line package which I'm very pleased with. I have a query though regarding CIS deductions. I have followed the help guidance re description and negative amount but have become unstuck with the account to use. As a sole trader I have two options for 'Owner's Drawings and Personal Use' one is equity and one is income which do I use?? I would have assumed it is an expense but that option isn't available. I would be grateful for your advice. Thanks in advance
Hi John,
When recording the CIS deduction you should use the Equity
account called 'Owner's Drawings and Personal Use'.
Solar Accounts is designed only to track your businesses transactions, and
when you are self-employed the tax you pay is considered a personal
expense, not a business expense. So from that point of view when you pay
tax you are withdrawing money from the business for 'personal reasons'
Thank you!