Recording a Withdrawal

kyle24504 · ‎March 05, 2020

Quick question, I own and event production company where we normally conduct withdrawals from our bank account for cash on hand that we use to make change when conducting sales at the door of our events. Following the events, we normally just redeposit the cash. How should we record the withdrawal and redeposit? Should we just place record the activity to "Owners and Personal Expense" equity account or should we (I'm in a partnership by the way) split the transactions between our individual owner's equity accounts?

Candice C · ‎March 05, 2020

Good Morning, @kyle24504.

I can provide you with some information about how to record a withdrawal in QuickBooks Online. To receive the best answer about if you should record these transactions with one or two equity accounts, I recommend consulting with your accountant. They'll be able to give you the best accounting advice for your unique business.

Before you go, you should also check out our tutorial page. This page has videos and additional information that may come in handy about your QuickBooks account.

If you have any other questions or concerns, just let me know. Have a wonderful day!

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