I recently transferred funds from my business to personal account for my first owner's draw. How do I categorize and process in QBO?

userjpcornes · ‎September 03, 2021

Rustler · ‎September 03, 2021

make the payment from the business bank and use owner equity drawing as the expense (reason) for the payment

Rustler · ‎September 03, 2021

make the payment from the business bank and use owner equity drawing as the expense (reason) for the payment

userjpcornes · ‎September 03, 2021

Thanks Rustler! I have a couple of follow-up questions: 1) why do businesses complete a draw by check or via their business debit? and 2) I read a response yesterday that said a number of businesses exclude these transactions and their bank feed. Why would you want to exclude an owners draw?

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I recently transferred funds from my business to personal account for my first owner's draw. How do I categorize and process in QBO?