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HOW TO OPEN AN ACCOUNT FOR PARTNERS WITHDRAWLS IN DYNAMICS GP-2013
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Hi Zulfi,
can you more specific are you asking about in accounting terminology or how to book a bank payment or general journal.
Hi Babu,
As far as accounting entries are concerned they would be like this
At the time of introducing captial
Debit:Bank A/c ****
Credit Capital A/c-partner-A ********
(capital introduced in the company)
For entering this transaction which voucher is to be used...Cash receipt entry ?
At the time of withdrawls made by partner A
Debit: Drawing A/c partner-A****
Credit: Bank account *********
(For this i think manual payment voucher would be used)
Also want to know what would be the account category for both capital and drawings accounts and posting type i think would be balance sheet.
You can create both these account under Account Category Common Stock. Capital will be a Credit balance and Drawing A/c will be a Debit balance account. If its a opening balance book through a General journal if not use the bank transactions under financial transactions.
Please verify once you finish with this so that it will be helpful for others.
Dear babu,
Thx for the reply....i just want to know which vouchers in Gp i should pass for entering
"Capital invested by partners" and "drawings made by partners" and also how to view their ledgers.....
As per your above suggestion i should use bank transaction under financial............
For entering capital investement.......................
&
For entering Drawings made by them.............
thx babu for the reply.....
i tested one transaction and printed the voucher...which shows my entry....
Voucher title is "BANK TRANSACTION POSTING JOURNAL".........BANK RECONCILIATION...
DR.DRAWINGS-A
CR.BANK ACCOUNT.
but babu when i go for viewing the ledgers......it is blank.......
AUDIT TRAIL CODE PRINTED ON THE VOUCHER IS CMTRX00001
SO I JUST WANT TO VIEW MY LEDGER OF DRAWING ACCOUNT HAVING THIS TRANSACTION
Zulfi check the financial batch created by bank transaction and post the same, then your Ledger will have balance.
BABU..THIS IS THE SCREEN SHOT FOR YOU.........HERE I DONT SEE ANY BATCH NUMBER....
HERE IS ALSO THE PRINT OF THIS POSTED TRANSACTION....
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