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Active Member

How do I record Cash Withdrawal for personal use

Hi,

 

I often e-transfer money from my business account  to my personal account.

Any idea as to how I record that on QB?

 

Thanks

3 REPLIES 3
Moderator

Re: How do I record Cash Withdrawal for personal use

Welcome to QB Community, hhome.

 

I can guide you in recording personal expenses using a business bank or credit card. Although, we don't recommend mixing business and personal transactions. Let me show you how to do it:

 

1. At the top, click the Create (+) menu and select Cheque or Expense.

2. Choose the Payee and the Bank Account used to withdraw the money.

3. Go to the Account details section.

4. In the ACCOUNT column, enter Owner's Equity or Partner Equity.

5. In the AMOUNT column, enter the withdrew amount.

6. Click Save and close.

 

Also, feel free to browse this article when reimbursing your business bank account:

 

Paying For Personal Expenses From A Business Bank Or Credit Card Account

 

Let us know if you need anything else.

 

Experienced Member

Re: How do I record Cash Withdrawal for personal use

Does this mean I have to add myself as a payee?

QuickBooks Team

Re: How do I record Cash Withdrawal for personal use

Thanks for dropping by the Online Community, Sandra.


I’d be glad to point you in the right direction for recording cash withdrawals for personal use.


In addition to the answer given by @JamesDuanT, you’ll have to add yourself as the payee if the transactions are personal purchases.


Here’s how:

 

  1. In the Expenses/Cheque page, click on the drop-down for payee.
  2. Select Add new.
  3. Enter your name in the Name field.
  4. Click on the drop-down for Type.
  5. Then enter the currency.
  6. Click on Save.

With the information I provide you should be able to record the transactions.

 

If you have any follow-up questions, reach out back to me. I'm always here to help. Have a great rest of the day!