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Hi Mark, Great to watch your content. Can you tell me why the owners drawings account is classified as a liability in xero? It carries a debit balance as this is a receivable for the business, not sure why xero would have it set up that way. Thanks
When we spend money from our pocket for business, then we create a new bill (saw your video with $110 as example) and reconciled. I wanted to know by doing this will $110 be automatically paid to owner or we have to transfer manually? Please suggest.
🎁 EXCLUSIVE DEAL - Get 90% Off Xero for 6 months by signing up here: bit.ly/ytxero90
✅ Get your FREE Xero Setup Checklist here: bit.ly/3ZgSaqt
👉 Master Xero without getting stuck with The Ultimate Xero Course for Australia: bit.ly/3CFkMkl
►► Do you wish you could get step-by-step instructions for setting up and using Xero quickly and easily?
►► Do you want clear explanations in plain English with all the information in one place?
►► Do you want to feel confident that you’re doing it right?
🚀 Then check out the step-by-step program for business owners to master Xero without getting stuck: bit.ly/3CFkMkl
Amazing, simple explanations that even beginners can follow. Thank you!
Hi Mark,
Great to watch your content. Can you tell me why the owners drawings account is classified as a liability in xero? It carries a debit balance as this is a receivable for the business, not sure why xero would have it set up that way. Thanks
There are different ways of doing it. My accountant sets it up as a liability.
When we spend money from our pocket for business, then we create a new bill (saw your video with $110 as example) and reconciled. I wanted to know by doing this will $110 be automatically paid to owner or we have to transfer manually? Please suggest.
Thank you for your help