Hi there! I can share some tips in handling that transaction.
When you use the member's draw account, you’ll likely have interest charges. You can record this transaction as a check. Then, post them in your dedicated expense account for paid interest.
Please know that name they've entered won't affect the books since you can still select when creating the check. When you're ready, here's how to do it:
- Click Banking at the top menu bar and choose to Write Checks.
- From the Bank account field, select the account you used to pay for the expense.
- Enter a payee in the Pay to the order of field.
- Revie the check number and date.
- Go to the Expense tab, then enter your dedicated expense account for interest.
- Enter the amount and other necessary information.
- Hit Save & Close.
In addition, I'd still recommend consulting an accounting professional to ensure that changes won't affect your books from last year. I'm also adding this article to help manage the checks and expenses you've created in QuickBooks: Create, modify, and print checks.
Drop me a comment below if you need further assistance in recording your other transactions. Have a great rest of the day.
