A withdrawal is a record of an outgoing payment from your business account. This transaction can cover multiple types of entries in Crunch.
Limited companies use this for
Salary payments & dividend withdrawals
Reimbursing personally paid for expenses
Money owed to you by your business.
Sole traders use this for
Any withdrawals for paying yourself
Taking money out of the business.
We recommend adding a note in the reference section when you’re recording a withdrawal to help you remember what this is for.
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Step-by-step instructions
To record a new withdrawal, navigate to ‘Banking > Withdrawals’:
From here, select ‘New Withdrawal’:
Once you’re happy that the amount is accurate after reconciling, you’ll need to enter the ‘Withdrawal date’, ‘Withdrawal amount’ and ‘Payment method’ and the ‘business bank account’ it was paid out from:
Click on ‘Save withdrawal’ to confirm the transaction and go back to the list of all withdrawals.
Amounts owed to limited company directors
The form you'll be presented with also shows an amount that may be owed to you from your business:
This figure is based on real-time information, so you’ll need to ensure that you’re reconciled up to date before withdrawing these funds. This amount is made up of any owed director salary, owed director dividendsthat haven’t been withdrawn, as well as any expenses that you’ve paid for personally which are owed back to you.
It is extremely important to reconcile your account up-to-date before paying yourself back this money. You want to make sure that it is definitely still owed to you, and a reconciled account will be your confirmation of that.
This article explains how to record withdrawals in Crunch.
