owners draw and vat

Just to add to the previous post is the cash withdrawal the owners draw that you mentioned in the header for this post?

Thanks

Yes cash i have drawn out that will then be or personal use, i had thought that was the no vat code. 

it was mainly personal purchases i was unsure of.

Thankyou for your help

Yes, anything that you would not like to show on your return would be No VAT. We would also advise to check with an accountant on whether you need to record these personal expenses.

So anything i record as an owners draw in quick books  will be detailed in my profit loss report? 

I thought it just reduced the equity the business has ? i do not have a separate business and personal bank account so always have a difference between my actual bank balance and my quick books balance. 

my old software did not record owners draws anywhere against profit or loss so i am slightly confused again. 

Hello abdecor_bex,

Thank you for getting back here in the Community. Allow me to assist you with your question about the Profit and Loss report.

When running the Profit and Loss report, it'll only show all the detailed information for your income and expense accounts. Since owners draw is an equity account, this information only reflects on the Balance Sheet.

For your second question, yes, withdrawals from the account will reduce the cash or other assets made by the owner for the owner's personal use. I'm attaching some article related to your concern about the report and balances:

• Run a Profit and Loss report by bank account.
• How to fix differences between QuickBooks balance and bank balance.
• How to pay for business expenses with personal funds.

Moreover, I still recommend seeking expert advise from an accountant to ensure your books will be accurate and correct.

Please reach out to me if you have further questions or clarifications regarding the reports available in QuickBooks. I'll keep an eye out on your response.