ATM Withdrawls

Hello,

You hit the nail on the head.

If this is for his personal money to use, its owners draw.

If its to have cash on hand for business expenses, then its petty cash

You NEED to know what that cash is for in order to know where to allocate it.

I have another question, If my son withdrawals from ATM I transfer funds from Bank account I have set up to owners draw type is equity , that's all I do correct.

Thank MTV

I have another question so if my son withdrawals from ATM. I would do a transfer from Bank account I have setup to Owner Draw. So does the transfer to Owner Draw just stay there.

Hi @MTV,

Let me take care of this query for you. 

I suggest you let the amount withdrawn to stay in the Owner's Draw account for tracking purposes. When it's time to pay back the withdrawn amount, you simply create a bank deposit to the same bank account. 

Additional details of this process can be found in this article: Set up and process an owner's draw account. It lists the steps on how to create an owner's draw account, as well as the steps on how to write a check from an owner's draw account.

Please know that you're always welcome to get back here in the Community if you have other questions. I'll be sure to get back to you. 

Man..... haters gon’ hate, no? lol

I’m saying, what do we do with the ATM fee surcharges?

one love

Hi @Cheeky Green,

I got your back on this query about ATM surcharges. 

You can use the same account where the amount you withdrew was posted. Ensure you include a description for tracking purposes of the surcharge. 

I'll leave this article for your reference: Set up a clearing account. It has the steps on how you can set up a clearing account, as well as a list of where you can use a clearing account in QuickBooks Desktop (QBDT). 

You can come back any time here in the Community if you have other concerns. Post a reply below, and I'll get back to it.