[courtney1107]

Is a withdrawl a credit or debit

[tickle]

A withdrawal from your chequing or savings account is a debit, Credit is when you put it back in.

Tick

[morgaine300]

Sorry, tickle, not in accounting class it's not. Your checkbook is from the bank's point of view, not yours. And there's a real good chance OP is not referring to cash anyway.

You need to learn the debit and credit rules, which are as follows:

Assets: debit increases, credit decreases
Liabilities: debit decreases, credit increases
Equity: debit decreases, credit increases
Revenue: debit decreases, credit increases
Expense: debit increases, credit decreases

You need to know what classification the account is. Then you need to know if you are increasing or decreasing it. Then you follow the rules.

It's easy to assume that by "withdrawal" you mean from a bank account. That's cash, which is an asset, which has a normal debit balance. Withdrawing it reduces it, so that's the credit side.

However, most of the time in accounting when someone refers to a withdrawal, they are meaning an owner withdrawal from the company, i.e. the drawing account. Since that reduces equity, following our rules, we would see that is a debit.

The owner can do a drawing with any asset, but it is most of the time cash. So by a nice coincidence, generally an owner withdrawal is going to be both a debit to Drawing and a credit to Cash.