How do you set up an owners draw without using Cheques?

I'll help you set up your owner's draw, @baron2.

We can create an expense transaction in setting up your draw instead of using a check. I'll guide you how.

To begin, let's add an equity account. To do so, you may follow these steps:

1. Go to the Gear icon and then select Chart of Accounts.
2. On the Chart of Accounts window, choose New.
3. From the Account Type drop-down menu, choose Equity.
4. From the Detail Type drop-down menu, choose Owner’s Equity.
5. Provide a name for your account.
6. Enter an opening balance.
7. Once you're done, click on Save and Close.

Then, let's create an expense from the owner's equity account. Here's how:

1. From the + New icon, select Expense.
2. Choose the bank account where your money will be withdrawn.
3. Fill in the expense field. In the Account field, select the account you've created. 
4. Click Save and Close.

For the transactions on your Banking page, you'll want to create them in QuickBooks and then match in the For Review tab. Doing so will ensure your records are accurate, and there are no duplicates. 

1. Go to the Banking menu and then select the Banking tab.
2. Click the transaction, then click Find Match.
3. Find a match for the transaction.
4. Click on Save once you're done.

I've added an article that'll guide you in reconciling your accounts. This helps make sure your accounts in QuickBooks match your real-life bank and credit card statements: Reconcile workflow in QuickBooks.

Just click the Reply button below if you need anything else. The Community and I will be here to help you. Have a great day!

I'm sorry but this suggestion seems to be missing vital steps. The first part is fine. Just setting up the drawings account.

With the second part however item 2. makes no sense. by click new I assume you mean the +NEW button in the top LH corner of all screens. there is no option to select a bank account here so I am not able to proceed beyond that! I think you may have missed out at least one step.

Hello there, @baron2.

Thank you for letting us know. I'll have my colleague update her answer about this. What she meant about the second method is to create a new Expense transaction. I'll show you how to do that.

1. Go to the + New button and select Expense.
2. Don't forget to input the account you've created in the Category field.
3. Enter the exact date and amount that was reflected in your online banking.
4. Fill in the details of the necessary fields.
5. Once done, select Save and close.

After that, you can match this expense to your downloaded bank transaction: Categorize and match online bank transactions in QuickBooks Online. 

You can also check out this hyperlink about the reconciliation process in QuickBooks. This also includes a video tutorial for additional reference.

Please don't hesitate to tag my name in the comment section below if you need further assistance or questions. I'd be happy to answer them for you. Take care.

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@baron2 wrote:

I'm sorry but this suggestion seems to be missing vital steps. The first part is fine. Just setting up the drawings account.

 

With the second part however item 2. makes no sense. by click new I assume you mean the +NEW button in the top LH corner of all screens. there is no option to select a bank account here so I am not able to proceed beyond that! I think you may have missed out at least one step.

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@baron2 Yes, select the "+ New" button from the left dashboard > select Expense form under Vendors > Select Payment account. Your bank account is under the "Payment Account" field. And fill out the rest of the fields. For the Category field, select the Owner's draw equity-type account as you want.

When you get the banking download, you can just select the owners draw account as the "expense" (reason) for the transaction