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genescott4
Level 1
 
Solved
Best answer October 15, 2018

Best Answers
Rustler
Level 15

open the chart of accounts, use run report on that account from the drop down arrow far right of the account name

For a company taxed as a sole proprietor or partnership, I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

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2 Comments
Rustler
Level 15

open the chart of accounts, use run report on that account from the drop down arrow far right of the account name

For a company taxed as a sole proprietor or partnership, I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

View solution in original post

Anonymous
Not applicable

and how do you use these accounts, when taking money out of the business? Can you provide a step by step walk through of which accounts are debited/credited. I assume money is withdrawn from the actual bank account so that should be deducted, but then how is the Equity "Owner Withdrawal?" account used?  etc. Thanks.

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