How do I mark down my profits

Sungover

So I run a small business. I have one business account, one business savings account and my personal account. My startup costs came from my personal account and some of my ongoing expenses. Sometimes I move money from my business account to my personal account to cover those expenses. I also move money that I consider profit to my personal account, essentially my wages. 2 questions.

1. What kind of account should my personal account be classified as in the chart of accounts on Wave?
2. How should I classify moving money to that personal account both the profits and that to cover expenses (though both may be the same thing)?

Appreciate your help.

Mikeg

Sungover,
Typically you do not keep your personal accounts included with the business. Whenever an owner makes a contribution or pays business expenses with personal funds you would debit cash (contributions) or debit expenses (paid on behalf of business) and then credit owners contribution/drawings. When you take money out of the business you debit owners draw and credit cash. Or if there are personal expenses paid by the business, debit owners draw and credit the expense.
Mike G, CPA
www.mgfinancial.net
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