How to record your payments as a single-member LLC owner?

Hello there, manueltorrece.

QuickBooks Self-Employed offers three categories of money transfers. These are:

• Owner's Deposit
• Owner's Withdrawal
• Credit card payment

You can read this article for more details: Categorize money transfers in QuickBooks Self-Employed.

I would highly suggest reaching out to an accountant for further guidance on what category to use to ensure your books are updated.

Don't hesitate to let me know if you have follow-up questions. I'll be around to help.

Thanks Glinette! I don't know if it's a bug or if I just don't understand the basic concepts. The thing is that regardless of those 3 categories, QuickBooks reads these transactions as transfers and not as a business expense when you're actually paying yourself.

LLC member is not employee so any money paid to them is from equity.

did you ever get a good reply on this? 

Thanks for replying on this thread, @505elec.

As what my colleague mentioned above, there are three categories for money transfers that QuickBooks Self-Employed offers. These are:

• Owner's Deposit
• Owner's Withdrawal
• Credit card payment

To get more advice on what category to utilize to make sure your books are updated, I would recommend getting in touch with an accountant.

In addition, I am adding this detailed article about Categorize money transfers in QuickBooks Self-Employed.

Let me know if you have any other questions about your QuickBooks account. Just leave it in the comment section below. I'll be always around to lend you a helping hand

How are you able to do this in quickbooks online? 

I got you, @yperez3. I'll make sure able to set up and pay an owner's draw in QuickBooks Online (QBO).

An owner's draw account is an equity account used by QuickBooks Online to track withdrawals of the company's assets to pay an owner. Let's get this setup started. 

Initially, you'll want to create an Owner's Equity account first in the Chart of Accounts before you can pay an Owner's draw. Afterward, you're ready to pay the owner, create a regular check-in QuickBooks, not through payroll and be sure to affect the Owners Equity account you created.

Here's how:

1. Go to + New, then select Check.
2. From the Payee dropdown, select who you want to address the check.
3. On the Bank Account dropdown, select the account you want the money to come from.
4. Fill out the rest of the fields accordingly.
5. (Optional) You can skip this step if you only want to record a check. But if you plan to print the check, you can choose to print it now or later.
6. Please know that if you need to reuse a check number, uncheck the Print Later checkbox. When you save the check, confirm that you’re aware the check number already exists.

7. Then hit Save and close.

You can refer to this article for more details on managing an owner's draw in QBO: Set up and pay an owner's draw.

Please let me know in the comment section if you have any other concerns with paying the owner's draw in QuickBooks. I'll be around. Take care always!