Rustler
Level 15

Reports and accounting

@ShiellaGraceA 

 

Did you bother to read the link you posted, the article is from 2012 and has nothing to do with the OP question

 

@Lucy Harris 

 

For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

 

To pay yourself, you write a check and use the equity drawing account as the expense (reason) for the payment