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eugenepalletserv
Level 1

I am setting up an account for owners draw. and when setting it up as an Equity account the detail type does not have owners draw as a choice. what would I put it under

 
2 Comments 2
Rustler
Level 15

I am setting up an account for owners draw. and when setting it up as an Equity account the detail type does not have owners draw as a choice. what would I put it under

for detail type use owner equity, rename it at the top right as draw

 

detail type is something intuit invented supposedly to make things easier, but it just confuses people

and the explanations of the detail types are not always correct

Sarah Bl
QuickBooks Team

I am setting up an account for owners draw. and when setting it up as an Equity account the detail type does not have owners draw as a choice. what would I put it under

Hi there, @eugenepalletserv.

 

You've come to the right place. When entering an Owner Draw, it's an equity-type account and used when you take funds from the business. When you put money into the business, you can use an equity account. You Charts of Accounts could look like the following:

Owner Equity {Parent Account}

Owner Draws {sub account of owner equity}

Owner Investment {sub account of owner equity}

 

Here's an image of how to make the account. I've also provided a link on Owner's Equity in-case you'd like to have it for your records.

 

 

It'll now be listed underneath the Owner's Equity. That's all there is to it. If you have any more questions, just know I'm always here lending  a helping hand. Happy Hump Day!

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