You get paid in your own company, or have you charged your own organization for something that you did? Here's how to use Owners Draw!
Sometimes you pay yourself, or you take money out of the bank account for personal use. All these expenses need to be considered as Owner's Draw. In case you are wondering how to handle such a transaction here is the way to do it in Billy.
First you need to go to Bank Account -> Checking Account(Select the appropriate bank from the dropdown list on the top left corner, we assume you took money out of your checking account)
Once you have the list of transactions loaded on the screen, click Reconcile. This should bring you to the screen where all the unsorted transactions (list in the middle of the page) along with the un-reconciled (list on the right side of the page)are on this particular account.
Click on "Create another transaction" in the box right next to the transaction which you want to declare as Owner's Draw.
From the Account dropdown menu, please select Owners Draw. Billy has it as a default so you do not have to create another account for. It is listed under Equity in your Chart of Accounts.
Once you have selected Owners Draw, click on Match.
This should remove the transaction from the list of unsorted/un-reconciled entries and it should appear as a debit in your checking account.