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susan56hunt
Level 1

How do I show money withdrawn from the business bank account for personal use?

 
1 REPLY 1
Ashleigh1
QuickBooks Team

How do I show money withdrawn from the business bank account for personal use?

Hello Susan56hunt,

 

Welcome to the Community page, 

 

Here is how to record an owner withdrawals

 

Here’s how to enter the account:

  1. Go to the Gear icon at the top, then select Chart of Accounts.
  2. In the upper right-hand, click on the New button.
  3. On the Account page, click on the drop-down for Account Type and select Equity.
  4. Choose Owner’s Equity as the Detail Type.
  5. Enter the account’s name
  6. Fill in the necessary fields.
  7. In the Default VAT Code section, select the correct tax code.
  8. Click on Save and Close.

To input the withdrawals:

  1. Click on the Plus icon (+) at the top, then choose Cheque.
  2. Select the bank account where your money will be withdrawn.
  3. Under Category, select Owner's equity.
  4. Enter the amount of the transaction and VAT code.
  5. Click on Save and Close/Save and New.

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