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Level 1

How do I make a J/E with a CR to Owner's Draw and properly record it in COG Sold? I am using QBO Adv. I bought items with my personal money that were sold to clients.

 
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Level 11

How do I make a J/E with a CR to Owner's Draw and properly record it in COG Sold? I am using QBO Adv. I bought items with my personal money that were sold to clients.

@GeorgeTheCat 

 

"How do I make a J/E with a CR to Owner's Draw and properly record it in COG Sold? I am using QBO Adv. I bought items with my personal money that were sold to clients."

 

Instead of writing a Journal Entry, you may want to create a Zero Bill (Left dashboard > Vendors > Bill) in QBO. This works far better for tracking both Vendors and Customers. Checking the Billable box is optional if you need to Invoice only.

 

See the screenshot below for reference.

 

zero_bill.PNG

 

 

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QuickBooks Team

How do I make a J/E with a CR to Owner's Draw and properly record it in COG Sold? I am using QBO Adv. I bought items with my personal money that were sold to clients.

Good afternoon, @GeorgeTheCat.

 

I'm here to show you how to create a Journal Entry.

 

In just a few steps, you'll have the transaction you're needing. Here's how:

  1. Press on the +New button on the left-hand menu, then select Journal Entry.
  2. Fill out the fields.
  3. Hit Save and close.

I recommend reaching out to your accountant before making any changes to your books. They have tools that can help you organize your books to your needs, as well as, giving you advice for specific transactions.

 

Here's a Community Article that provides more information about Journal Entries.

 

Let me know if there's anything else I can help you with today. I'll be here.

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Level 15

How do I make a J/E with a CR to Owner's Draw and properly record it in COG Sold? I am using QBO Adv. I bought items with my personal money that were sold to clients.

Owners draw gets a debit to show you took value from the company, not a credit.

COGS gets the debit

 

If you used personal money that did not come from the business, that is NOT a draw, you did not take anything.  If you used personal money then you use owner equity investment to show you put money into the company, and in turn the debit to COGS shows you spent it.

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