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Tmahoney27
Level 1

Tax Line Mapping for owner's draw

I have a sole proprietorship and I have setup a new Owner's Equity account for owner draws.

What should I choose for a Tax Line Mapping?

1 Comment 1
Tori B
QuickBooks Team

Tax Line Mapping for owner's draw

Good morning, @Tmahoney27.

 

Thanks for taking the time to reach out to the QuickBooks Community for support. I hope you're having a great day so far. 

 

In the past, we have had users map the new Owner's Draw equity account to "Equity: Penn. & Draw" or simply ensured it is classified under the "Owner's Equity" tax line.

 

For more information about handling  an owners draw, check out: Set up and pay an owners draw

 

It's always best to consult with your accounting professional before making any changes to your account. Your accountant can advise the best way to map based on your business needs. If you don't have an accountant, don't sweat it. You can find one here in our Resource Center

 

Please don't hesitate to let me know if there is anything else I can assist you with. Take care! 

 

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