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as a corporation do you manually zero out certain equity accounts year end like personal groceries, travel, gifts etc. my books are a mess with different accounts that has set up on year end. I have personal draw/personel advance which i thought was only for self proprietor, and also shareholder loan confused on the shareholder loan. no sure how to do transaction if i personally deposit money/payment to a personal credit card i have set up. EEEK!!!
Hi Gail! As per our conversation today in a corporate set of books generally we don't use personal accounts in equity and instead use the shareholder loan for all personal related things. I recommend double checking with your accountant before making any changes.