How to Track Cash Withdrawals
Cash withdrawals are common in small businesses, but they must be recorded or they will look like missing money.
Record owner withdrawals
If the owner takes money from the till, record it clearly. Otherwise, the cash-up will show a shortage.
Record staff advances
If staff receive cash advances, record the amount, person and reason.
Separate withdrawals from expenses
A withdrawal is not always a business expense. Personal withdrawals should not be treated as operating costs.
Review withdrawals monthly
Owner drawings can reduce business cash flow. Monthly review helps show how much money is being taken out.
Clear withdrawal records protect the accuracy of profit and balance reports.
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