Hello Susan56hunt,
Welcome to the Community page,
Here is how to record an owner withdrawals
Here’s how to enter the account:
- Go to the Gear icon at the top, then select Chart of Accounts.
- In the upper right-hand, click on the New button.
- On the Account page, click on the drop-down for Account Type and select Equity.
- Choose Owner’s Equity as the Detail Type.
- Enter the account’s name
- Fill in the necessary fields.
- In the Default VAT Code section, select the correct tax code.
- Click on Save and Close.
To input the withdrawals:
- Click on the Plus icon (+) at the top, then choose Cheque.
- Select the bank account where your money will be withdrawn.
- Under Category, select Owner's equity.
- Enter the amount of the transaction and VAT code.
- Click on Save and Close/Save and New.