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Level 3

Boat payment to Owner's Draw?

Previous bookkeeper messed up the books and I'm not sure how to fix it. My boss bought a boat on a loan with automatic transfers coming out of the bank account for a short period before paying it off. The previous bookkeeper categorized this as advertisement. Then my boss switched banks and the bookkeeper started to categorize this payment as a payroll liability. The boat is now paid off and there was never an actual liability account for this. Would I be able to just change the categories over to Owner's Draw to get it out of advertisement and payroll liability?

1 Comment
Community Champion

Boat payment to Owner's Draw?

Yes, you can change these transactions to the proper owner draw account. just open each transaction and edit the detail

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