Hello!just wanna ask if I did this right thing...in the bank feeds i categorize it as owners pay and personal expenses..however when i try to run the balance sheet,it shows negative  amount and when i view it the transaction type is expense,is this correct?

I am using QB for self employed software...How should I set up a Draw account for the 2 owners???

Really like using this software.

Bob Burgess

[email address removed]

Thanks for joining on this thread, @503742.

I have here a few easy steps on how to set up the draw account in QuickBooks Self-Employed (QBSE).  

Since QBSE doesn't have a Chart of Account (COA), I'd suggest selecting the Personal withdrawal as a category in creating a draw. This way, QuickBooks will exclude in calculating your estimated taxes or business expenses. 

Here's how: 

1. Go to the Transactions tab on the left side. 
2. Enter a Date, Transaction, and Amount. 
3. Choose Personal withdrawal in the Category and Tags column. 
4. Tap Save. 

Repeat the steps for your other owner. You may refer to this article: Transfers: Owner's Withdrawal.

You can always run the Business and personal expenses report by going to the Reports tab. This way, you can review all the data you've entered on your draw account. Afterward, we'll have the option to either Print or Download it. All you have to do is just click the icon.

I'd also encourage you to visit this link about managing different categories and how this appears on reports: Schedule C and expense categories in QuickBooks Self-Employed.

Additionally, I'm happy to inform you that you have an option to join our webinars or training class. This way, you can learn more about handling your account. 

Don't hesitate to let me know if you have follow-up questions about your draw account, @bob Burgess. I'm glad to assist. Have a nice day ahead. 

Owners draw is a contra equity account so it tracks the reductions to equity due to owners taking out and devaluing company equity.