Ken, I'd like to offer some better guidance.
"I’m the sole owner of an s-corp"
No, you are the sole shareholder. A corporation is its own entity.
"and have an owner’s equity account."
There is no such account for this corporation. There is Shareholder equity, not Owner. This matters.
And there is NO such thing as Owner Draw. You might actually need to set this up as "Owed From Shareholder" and that is an Other Asset for the corporation. Or this is Shareholder Distribution, and then you run into issues of casual distributions being recategorized by the IRS as attempts to avoid payroll taxes. Because you are an employee-shareholder. Distributions are not casual takings from the corporation. It is not your piggy bank.
"This months cc bill has both personal and business purchases."
If this is a corporate credit card, this is called "commingling" and is mixing personal and business. Further explained, you are using the Corporate's finances for personal.
The rules for what type of activity is allowed for the movement of funds between the corporation and shareholders are very narrow. The whole point of having a corporation is the protection of Self from Business. Your personal assets and the corporation's assets and risks should be serapate. Once you commingle, there is no longer that separation. This is called "piercing the corporate veil."
If you do not honor this separation, why would an attorney or collection agency honor it?
"I would like to pay off the credit card balance using $ from the company checking account."
Now we have established that the Enter Credit Card Charges are entered as distributions, or "Due From" activities.
And you really need guidance from your own CPA for all of this, as it is a horrible situation when allowed to continue.
If this is a personal credit card, then NONE of that credit card is tracked in the corporate data file. The shareholder "paid personally" and it doesn't matter how you paid for business activities: cash, check, whatever. You would simply reimburse yourself from the corporation. For instance, if you buy printer paper, then repay yourself on a check, for office supplies. Instead of buying from Staples, the corporation really is buying from you.
