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Hello,
I have an owner's equity account and would like to know how to record paying myself back from my business account to my personal account. Please note it will be a transfer, not a cheque payment.
Thanks for your help,
Cesar
Solved! Go to Solution.
Hi there,
If you've set up the equity account and recorded the amount for the investment, the options available in QuickBooks Online to record a cheque or expense transaction to pay the investment amount.
To record as an expense:
If you wanted to use the transfer option through + New > Transfer, you can select the specific bank account to draw the funds from and to pay the investment, however, you're unable to select the equity account where the capital amount is recorded.
You can check this article to learn more about how to Record an owner's contribution or capital investment in your business.
Post again in the Community if you have more questions. I'll be around to help you!
Hi there,
If you've set up the equity account and recorded the amount for the investment, the options available in QuickBooks Online to record a cheque or expense transaction to pay the investment amount.
To record as an expense:
If you wanted to use the transfer option through + New > Transfer, you can select the specific bank account to draw the funds from and to pay the investment, however, you're unable to select the equity account where the capital amount is recorded.
You can check this article to learn more about how to Record an owner's contribution or capital investment in your business.
Post again in the Community if you have more questions. I'll be around to help you!
Hi Shiela,
Thanks for your advice, and I will look into it.
They are greatly appreciated.
Cesar
Thank you for your prompt reply, @cesar-a-campos65.
I appreciate you for considering my colleague’s response to help you out with recording expenses in QuickBooks Online (QBO).
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If you have any concerns with your transaction, please don’t hesitate to comment and post them here. Stay safe!
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