What Category do I use for Transferring Money to a Personal Checking Account

If you are taxed as a sole proprietor or partnership[ it is equity draw

For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

can you walk me through the steps to setup an equity account?

Good day, @RockyMountain,

I'd be glad to walk you through creating an equity account.

Make sure you've already set up the owner or partner as a vendor, so you can track the transactions associated with him/her.

Here are the steps you can follow:

1. Click the Gear icon at the top right of the page.
2. Select Chart of Accounts under Your Company.
3. Click the New button. 
4. Select Equity under the Account Type section.
5. Select Owner's Equity under the Detail Type section.
6. Enter the Name of the account, then click Save and Close. 

If you need to set up equity accounts for multiple owners, you can read through this article for the detailed steps: How to set up owners or partners.

That's it for now @RockyMountain. If there's anything else you need, don't hesitate to leave a comment below. I'd be here for you.

I don't have the "equity" category. what should I do?

Hello there, thisisphil.

In QuickBooks Online, you should have an Equity account regardless of your version. Since you don't have the "Equity" account, you can perform troubleshooting steps to fix this. You can start with logging into your account using a private browser to roll out possible webpage issues. 

You can refer to these shortcut keys:

• Press Ctrl + Shift + N on your keyboard for Google Chrome and Mozilla Firefox. 
• Press Command + Shift + N for Safari. 

If you now have the Equity account, go back to your regular browser and clear its cache to refresh the program. As an alternative, you can use other supported browsers.

I'm adding these articles you can read for additional reference about the Chart of Accounts in QBO:

• Manage default and special accounts in your QuickBooks Online chart of accounts.
• Learn about the chart of accounts in QuickBooks Online.

You can always get back to me here in the Community if you have any other questions. I'll be more than happy to assists you.