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Buy nowI have entered an Owners draw expense and in the payee drop-down I chose “*My name (employee)” as that seemed to be the most logical entry. However, I’m not sure if that’s correct because I’m the owner and not an employee, per se. I recognized that this may have been an issue after discovering I could not edit this expense in the QB app due to the payee being “*Employee”. What should be entered in the payee field for owners draw? I want to ensure I enter this and any other owner draws correctly in the future. Can anyone advise on the appropriate way to do this?
I'm here to help you record an owner's draw in QuickBooks Online, @ALARA1.
It looks like you were set up as an employee in your QuickBooks account, not a vendor. You may set up your name under vendors, using these steps:
Once done, you can edit the expense with the correct information in it. I'm sharing this article that talks about processing the owner's draw along with a video tutorial: Set up and pay an owner's draw.
Please come back here if you need further help recording the transaction. I'll be right here if you need anythine else.
I have setup the owner as a vendor. However, I can not enter Draws as the automatic go to account. It will only accept EXPENSE accounts. My client needs the assist. Why is this not an option?? Or what is the work around.
Hey there, @SamanthaC.
The default account category you can set up for vendors is always under expenses. However, if you'd like to work around this, you can create a template for recurring expenses with the owner as the Payee and the owner's draw as the Category. Let me guide you how.
Also, you can check out this article to view a list of your recurring transactions and their linked accounts: Review your recurring transactions in QBO.
Please don't hesitate to click the Reply button if you need further assistance creating a template for recurring expenses. I got your back.
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