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Community Contributor *

How to pay invoices using owner's draw?

The owner of our company has purchased/used materials, from the company inventory, for personal use. The materials have been put onto invoices (for the sales/use tax) and the owner wants to apply the balance of the invoice to owners draw. How can we mark the invoice paid, using owner's draw? Is this possible? If not, I would appreciate any recommendations on how to record this type of transaction. 

 

2 Comments
Established Community Backer *

Re: How to pay invoices using owner's draw?

Two options:

 

1) receive customer payment for the full amount.  Make a deposit and select that payment.  Drop down a line and under account type in the owner's draw account and enter the amount as a negative so the bank deposit is zero.

 

2) receive customer payment.  Highlight the invoice, select discounts and credits.  Create a discount and use the owner's draw account in the amount of the invoice.

QuickBooks Team

Re: How to pay invoices using owner's draw?

Hello there, @DMJ79.

 

Allow me to help walk you through paying your invoices using owner's draw.

 

Here's how:

  1. Create the Invoice.
  2. Receive Payment
    1. Open the Invoice.
    2. Choose Receive payments.
    3. Click on Discount and Credits.
    4. Select the Discount tab.
    5. Put in the amount of the invoice.
    6. The Discount Account should be the Owners Draw account.
    7. Click Done.

11.png That should do it! this should get you on the right track paying your invoice using Owners Draw account.

 

Feel free to the visit us here in the Community if you have other questions about recording y our Accounts Receivable in QuickBooks desktop.