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Welcome to The Youngest Anarchy Community In Tribe

here are alternate TYACIT communities just in case something happens to v3

https://tyacitv3.tribe.so/

https://tyacit.tribe.so/

http://tyacit.yooco.org/home.html

https://discord.gg/q55YXF7

       commented 2 years ago
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ok new announcement if you want a flair just tell me
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How to Record Owner Draws Into QuickBooks

How to Record Owner's Draw in Quickbooks:- When a business owner withdraws money from the company bank account to pay personal bills or for any other personal purpose, the money is considered a draw on the owner's equity in the company. Setting up owner draw accounts and depositing money taken out of the business bank account for personal purposes to the draw accounts are required for recording draws in Quickbooks. Maintaining current and prior year draw accounts for tax purposes is also helpful.

Create a draw account. Select "Add" from the chart of accounts. "Owner's Draws" should be the name of a new "Equity" account. If there are multiple owners, create individual draw accounts for each and label them with the owner's name, such as "Smith Draws."

Checks must be posted to the account to be drawn. Post a cheque written to the owner for personal purposes to her draw account upon entering it. A check made out to the owner will be debited from her draw account and credited to the correct bank account. Both accounts are balance sheet accounts, as you can see. The company does not record any expenses.

All personal charges should be deposited into the draw account. Post the debit transaction to the owner's draw account if he uses a business debit card for personal expenditures. Charge the charge to the owner's draw account if he uses a business credit card.

At the start of the following year, create a "prior year draws" account.... (More)

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