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tony2cool
Level 1

What would I label my draw and my partners draw from our account in our LLC as?

 
Solved
Best answer June 29, 2020

Best Answers
Kristine Mae
QuickBooks Team

What would I label my draw and my partners draw from our account in our LLC as?

I'll help you categorize the withdrawal, Tony2cool.

 

You might want to select Personal withdrawal as the category to track both draws appropriately. It is used for withdrawals for your personal use. Then, it will be tagged automatically as a transfer. It means it's excluded from the calculations for estimated taxes or business expenses.

 

Here's how to record them:

  1. Click Transactions.
  2. Select Add transaction.
  3. Click Select a category, then search and select Personal withdrawal
  4. Enter a description and the amount.
  5. Select the date, then click Save.

 

I'll share a reference to learn more about categorizing transactions

 

Feel free to reach out to us again if you have additional questions. We'll reply as soon as we can.

View solution in original post

2 Comments 2
Kristine Mae
QuickBooks Team

What would I label my draw and my partners draw from our account in our LLC as?

I'll help you categorize the withdrawal, Tony2cool.

 

You might want to select Personal withdrawal as the category to track both draws appropriately. It is used for withdrawals for your personal use. Then, it will be tagged automatically as a transfer. It means it's excluded from the calculations for estimated taxes or business expenses.

 

Here's how to record them:

  1. Click Transactions.
  2. Select Add transaction.
  3. Click Select a category, then search and select Personal withdrawal
  4. Enter a description and the amount.
  5. Select the date, then click Save.

 

I'll share a reference to learn more about categorizing transactions

 

Feel free to reach out to us again if you have additional questions. We'll reply as soon as we can.

View solution in original post

tony2cool
Level 1

What would I label my draw and my partners draw from our account in our LLC as?

Thank you! 

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