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How to I pay myself drawings from quickbooks

QuickBooks Team

How to I pay myself drawings from quickbooks

It's great to have you join this forum, radicalplumbing-. Let me guide you to pay for your drawings in QuickBooks Online.


You'll need to create an Equity account to get started with setting up the payment and then write a cheque from the owner's draw account. Before doing so, it's best to consult an accountant to help you identify the appropriate accounts,


Here's how to create an equity account:


  1. Go to the Accounting menu and select Chart of Accounts.
  2. At the upper-right click New
  3. Select Equity as the Account Type and follow your accountant's advise for the Detail Type
  4. Enter a name for this account and enter a Beginning balance and it's as of date. 
  5. Click Save and Close


Then, set up your payment using a Cheque:


  1. Click the New ) button from the left panel. 
  2. Select Cheque.
  3. Choose the bank account where your funds will be withdrawn.
  4. Fill in the rest of the cheque information. 
  5. In the Account field, select the equity account we set up.  
  6. Click Save and close


Moreover, I'm sharing this reference to help you review your business finances and other accounting data: Run reports in QuickBooks Online.


I'll keep this thread available, so you can always reply in the comments below if there's anything else you need further assistance with. Keep safe and have a good one!

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