Hi there, I was just looking for some advice when it comes to Owner Withdrawls.
As a one-person small business, I do not pay myself out on payroll. Instead I transfer $$ that I need from my business chequing account (regular chequeing, I do not have a "small business banking" account) to my personal chequing account.
I am wondering how I should account for these in Quickbooks. Should I be,
A) "categorizing" it as an "expense" under "owner withdrawls"
Or
B) "record as transfer" to "owner withdrawls"
When I mark it as expense it adds it to my monthly expenses which I don't particularly want, so last year I used the "transfer" option but I want to make sure this is okay. TIA!
