"i
can choose Expense, Check, or Transfer for any given transaction"
Think of this as "Payment Method" as in, did you Write a check and need to enter a check #? Did you Transfer using online banking?
If you took a check, that is Check. If you logged into the web and sent electronic payment from your business bank to personal, that is Transfer.
".... and
then i can link it to my Chart of Account types"
Think of this as the "why this money moved." Expense = printer paper or supplies. What you are asking is not an Expense activity, even though it is Cash Flow (out). You did not Purchase something with these finds, so there is no Expense.
"there is currently a
"Retained Earnings" Equity account listed in my Chart of Accounts...."
You can put it here, or create an equity account and name it Draws.
"so
if i understand you correctly... i should select my personal wage
transactions"
Let's stop using the word Wage. You are the Owner, now, and not an employee. You don't get a Wage. You take funds from your business, because you deem the business has enough money that you can take what you have the Right to take, when you want to take it.
"as first a "Transfer" into "Retained Earnings" Equity
account... is this correct ?"
I recommend this be tracked as Draw. At the end of the year, you will then see how much you have taken that year. On the first date of the new year, you can "zero" Draw to RE, to start fresh for new year for Draws.
