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Level 1

Owner's Draw on Self Employed QB

Hello,

I am a sole proprietor using QuickBooks Self-Employed and would like to set up Owner's Draw. I'm new to this, so unfortunately I've just been writing myself checks from my business account and depositing in my personal account. In other posts in the QB Community, I see that I should set up an equity account in the 'Chart of Accounts' in the gear icon.  However, I don't have a Chart of Accounts there. All I have are my Bank Accounts where I sync with my business checking and my business credit card.   All that shows up there is an option to connect another account.

So, how do I set up that elusive equity account?

Thanks in advance!

Solved
Best answer February 11, 2019

Best Answers
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QuickBooks Team

Owner's Draw on Self Employed QB

Hi there, KLPABE.

 

QuickBooks Self-Employed (QBSE) does not have a Chart of Accounts where you can set up equity accounts unlike QBO. This product is designed to track business income and expenses to help with your estimated taxes and Schedule C. 

 

You might want to select Personal withdrawal as a category for QBSE to track the transaction accordingly. Check out this article for more details: Transfers Owner's Withdrawal.

 

You can also get back here and add a reply below in case you need anything else. 

 

transfer.PNG  

 

 

View solution in original post

8 Comments
Highlighted
QuickBooks Team

Owner's Draw on Self Employed QB

Hi there, KLPABE.

 

QuickBooks Self-Employed (QBSE) does not have a Chart of Accounts where you can set up equity accounts unlike QBO. This product is designed to track business income and expenses to help with your estimated taxes and Schedule C. 

 

You might want to select Personal withdrawal as a category for QBSE to track the transaction accordingly. Check out this article for more details: Transfers Owner's Withdrawal.

 

You can also get back here and add a reply below in case you need anything else. 

 

transfer.PNG  

 

 

View solution in original post

Highlighted
Level 1

Owner's Draw on Self Employed QB

Thank you very much for your help!

Highlighted
QuickBooks Team

Owner's Draw on Self Employed QB

You’re always welcome, @KLPABE.


I’m glad you found the solution given by my colleague helpful.


If you have additional questions or concern, please don’t hesitate to let us know. The Community is here to help. Have a good one!

Highlighted
Level 1

Owner's Draw on Self Employed QB

Thank you so much for posting this with a screen shot! Migrated from QB desktop Retail version to simpl QBSE and couldn't figure this out. Your explanation came up in community help and made fixing this super simple. And you saved me money too boot! I was just aboput to upgrade to get a Chart of Accounts.

Much thanks! 

Alisa

Veautiful Gatherings

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Level 1

Owner's Draw on Self Employed QB

Am I able to run a report to see how much money I withdrew as a Personal Withdraw?

Highlighted
Moderator

Owner's Draw on Self Employed QB

Yes. We can pull up this data, Jessicalynnsimon.

 

We can run the Business and personal expenses report. I've got the steps on how to do it:

 

  1. Click the Reports tab.
  2. Go to the Business and personal expenses section.
  3. Modify the date.
  4. Click View.

 

Afterward, we'll have the option to either Print or Download it. All you have to do is just click the icon.

 

You can also take a look at these articles for more information about Personal Withdraw:

 

 

I'm just a post-away if you still need my help. Thanks for dropping by and stay safe!

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Level 1

Owner's Draw on Self Employed QB

Hello, when i ran the report i didn't see the personal withdraw/transfer. I see in the report that it shows a transfer item on the expenses report  but it didn't show an amount. 

Highlighted
QuickBooks Team

Owner's Draw on Self Employed QB

Hello, @God is love towing llc

 

When running Business and personal expenses report in QuickBooks Self-Employed (QBSE), only Transfers that you've tagged as Personal will be added in the report. 

 

Transfers that you've tagged as Business won't be included in the report. Check this article for more information: Owner's Withdrawal

 

After generating the report, you can see a breakdown of all the transactions under that category by clicking the amount beside the category (either Transfer or Transfer for Cash Spending). qbse.JPG

For more information on how we can help your business, please check our self-help articles here: https://community.intuit.com/quickbooks-self-employed.

 

If you have additional questions or concerns, let us know. The Community is here to help. Have a good one!

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