You can set up and pay an owner's draw, IanD56. I'll guide you in setting everything up to track withdrawals of your company's assets to pay yourself.
First off, you'll have to create an equity account to track your transactions properly. Let me show you how:
- Click on the Gear icon and select Chart of Accounts.
- Hit on New.
- Pick Equity from the Account Type ▼ dropdown.
- From the Detail Type ▼ dropdown, choose Owner's Equity.
- Tap on Save and Close.
After that, create a regular cheque in QuickBooks, not through payroll, when you are ready to pay yourself and ensure it affects the Owners Equity account you created.
Doing this will ensure you can reconcile your bank accordingly since the amounts of the cheques will be taken from your bank account.
On top of that, I highly recommend seeking assistance from your accountant to ensure that your books are accurate and to avoid messing up the data. They'll be able to help and provide other expert ways of dealing with this situation.
Additionally, check out this article to learn more about managing your income and expenses effectively and any possible errors: Learn the reconcile workflow in QuickBooks.
Update me by leaving a comment below if there's anything else you need to know about paying yourself in QuickBooks. I'll respond with the relevant details and resources. Stay safe.
