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Reports & Accounting
Hi everyone,
I have just looked at the options from my QBO when creating a new Chart of Account item.
The type of account is Equity. The detail could either be Partner Distributions or Owner's Equity.
To answer [mention://6980737 [mention://6980737 @andy.hall]]'s question about the figure being a negative, that is correct. A draw or dividend is considered a contra account to Equity meaning it's natural position on the balance sheet is a Debit instead of a Credit.
Let me know if you have any other questions.
I have just looked at the options from my QBO when creating a new Chart of Account item.
The type of account is Equity. The detail could either be Partner Distributions or Owner's Equity.
To answer [mention://6980737 [mention://6980737 @andy.hall]]'s question about the figure being a negative, that is correct. A draw or dividend is considered a contra account to Equity meaning it's natural position on the balance sheet is a Debit instead of a Credit.
Let me know if you have any other questions.