Business money: Hi! Wondering if I am a sole prop in Canada and I make a personal purchase on an account, what is that categorized in my chart of accounts?
For a company taxed as a sole proprietor (sole trader), I recommend you have the following for owner/partner equity accounts
[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing – you record value you take from the business here
>> Equity Investment – record value […]
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