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RuleBros
Level 1

Can I add member draw accounts in QB Self Employed or how do I go about coding the members for a multi member llc paying themselves?

There are 4 members, they write themselves checks & I dont want them codes as an expense. How do I appropriately record these checks so that my accountant can use them if a draw account is able to be made for the members in the self-employed version?
3 Comments 3
LollyNino_C
QuickBooks Team

Can I add member draw accounts in QB Self Employed or how do I go about coding the members for a multi member llc paying themselves?

Welcome to the QuickBooks family, Rule Bros. I'm here to ensure you're able to set up the draw in your account correctly. 

 

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.

 

Also, when running a Business and personal expenses report in QBSE, only Transfers that you've tagged as Personal will be added to the report.

 

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).

 

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

 

If you have additional questions or concerns, let us know. The Community is here to help. 

 

RuleBros
Level 1

Can I add member draw accounts in QB Self Employed or how do I go about coding the members for a multi member llc paying themselves?

Thank you! I guess I should have included a little more info, I only asked a basic question based on info my accountant gave me. (I am a self employed, sole proprietor & am helping my husband’s multi member llc with their financials so that’s why I’m unfamiliar with their structure) The members of this llc are paying themselves periodically out of the business account by writing themselves checks. How can i appropriately code these transactions so they don’t come across as an expense for the company, but are recognized/coded for the accountant for each individual? Mark them as personal & note who each check is for? Thanks for the help!

Rubielyn_J
QuickBooks Team

Can I add member draw accounts in QB Self Employed or how do I go about coding the members for a multi member llc paying themselves?

Thanks for getting back to this thread, @RuleBros. Let me chime in and provide further details. 

 

As mentioned by my colleague above, we can categorize the transaction to track them in your QBSE account. Use the owner's withdrawal category when you transfers take money out of your self-employed finances for personal use. For more information, please see this article: Categorize money transfers in QuickBooks Self-Employed.

 

If you're going to record this in QuickBooks Online, you can enter an owner's draw. For your reference, you can utilize this resource: Set up and pay an owner's draw.

 

Additionally, let me attach these links you can check out to guide you with basic tasks in QuickBooks Self-Employed:

 

 

Feel at ease to comment below if you have further concerns with managing member draw accounts in QBSE. I'll be around to help. Keep safe!

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