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PictureThis AYS
Level 2
posted
‎December 30, 2023 01:31 PM
last updated ‎December 30, 2023 1:31 PM

How do I record when the owner wants to withdraw from the business account for their personal use?

So basically, whenever I want to do an owner's withdraw, how would I go about recording that?
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2 Comments 2
Rasa-LilaM
QuickBooks Team
QuickBooks Team
‎December 30, 2023 03:20 PM

How do I record when the owner wants to withdraw from the business account for their personal use?

I'm glad to see you in the Community, PictureThis AYS.

 

I acknowledge that managing the owner's withdrawals for personal use is an important aspect of your business's financial management. Ensuring accurate recording of these transactions is vital to maintaining transparent and clear financial records.

 

Tracking the owner's draw is quick and easy. Let's write a check and complete the task in just a few clicks:

 

Here's how:

 

  1. In your company, click the + New button and choose Cheque under Suppliers.
  2. Click the Payee drop-down and select the appropriate name from the list.
  3. Bank Account, Cash Account, or Credit Card you used to make the purchase.
  4. In the Category details section, tap the drop-down menu and select the account you wish to use.
  5. Enter the Amount.
  6. Click Save and close.

 

In case you're considering reimbursing your employees in the future, refer to this article for detailed instructions: How to reimburse an employee.

 

Check out these articles for insights into how owners or partners can effectively manage their business and personal finances together:

Reach out to me again if you have additional questions or concerns about recording the owner's draw, PictureThis AYS. I'd be delighted to respond to them. Enjoy your weekend. 

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PictureThis AYS
Level 2
‎January 02, 2024 11:45 AM

How do I record when the owner wants to withdraw from the business account for their personal use?

Thank you for this info, it's pretty helpful. However, what I want to also know is what account I would place in the category section? I was thinking that as the owner, I would put an owner's equity account but when I do so I see the equity account as a negative of the amount I placed in. Is it that I must use an expense account for the transaction even though it's an owner who is doing a draw?

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