Each company has a monthly company statement that determines the available draw amount for owners. Here's how you can easily access and use this information:
Accessing Company Statements:
Go to Accounting > Companies.
Select your company from the list on the left.
Click the Company tab, then select Statements.
Viewing Monthly Statements:
Choose the desired month from the dropdown menu located at the upper right corner.
Understanding the Statement:
Click the dropdown arrows next to Income, Expenses, or Other transactions to expand each category and view detailed individual transactions.
The Ending Balance shown is your company's current bank balance.
Calculating Available Draw Amount:
Start with the Ending Balance.
Subtract:
Security Deposits (these funds cannot be drawn)
Draw Reserve (the minimum required balance to leave in the account)
Outstanding Liabilities, including unpaid vendor bills, management fees, or prepaid rent (applicable if using accrual accounting).
The resulting Available Balance is the maximum amount available for owner draws.
Setting the Draw Reserve:
Navigate to the Information tab, click the three-dot menu (•••).
Enter the desired amount in the Draw Reserve field.
Printing Owner Statements:
Click the Print Statements button located on the right.
A window will appear allowing you to select:
The statement template (typically Default Owner Statement).
The date range for your statement.
Ensure pop-ups are enabled, as the owner statement will open in a new window.
For instructions on emailing statements directly to owners, please refer to the guide Sending and Viewing Owner Statements.