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middleton124
Level 1

Can I enter my own drawings

how do I enter my own drawings as a sole trader
Solved
Best answer July 18, 2019

Accepted Solutions
Rustler
Level 15

Can I enter my own drawings

Enter the payment and use owner equity drawing as the expense (reason) for the payment

 

For a company taxed as a sole proprietor (trader), I recommend you have the following for owner/partner equity accounts

[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

 

 

View solution in original post

2 REPLIES 2
John C
QuickBooks Team

Can I enter my own drawings


Hi middleton

 

We appreciate you have stated that you are a sole trader however which one of our products are you using, self employed or one of our small business products?

Rustler
Level 15

Can I enter my own drawings

Enter the payment and use owner equity drawing as the expense (reason) for the payment

 

For a company taxed as a sole proprietor (trader), I recommend you have the following for owner/partner equity accounts

[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

 

 

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