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Jordan19
Level 1

As a sole trader when i withdraw funds to my personal account how should i record it?

 
1 REPLY 1
AnneMariee
QuickBooks Team

As a sole trader when i withdraw funds to my personal account how should i record it?

Hi there, Jordan19.

 

I'm here to help you record fund withdrawals from your account.

 

To begin, I'd like to confirm if you used personal funds to pay for a business expense. If that's the case, you can follow the steps outlined below:

 

First, record the expense by creating a journal entry. On the first line, choose the expense account for the purchase, and on the second line, select Partner's equity or Owner's equity. Additionally, ensure that the purchase amount in the Debits column matches the amount in the Credits column.

 

By the time you'll reimburse the money. You have the option to record it as a check or as an expense. You can find detailed steps in this article: Pay for business expenses with personal funds.

 

I'll just leave this helpful article on generating reports to gain an overview of your business's performance: Run reports.

 

If you were referring to something different, feel free to use the Reply button below. I'll be right here if you have any further concerns in QuickBooks.

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