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How to Record Owner Draws Into QuickBooks

Sole proprietors can take money out of their business as an owner draw and use it to pay for personal costs that are unrelated to the firm. You must Owners Draw Quickbooks and ensure that the relevant accounts are debited and credited to maintain the balance sheet and other financial records accurately. QuickBooks makes this procedure quick and transparent, saving you the time and effort of sifting through hundreds of pages of financial data.

  • On the menu bar at the top of the window, select "List."

  • Click "Add" under "Chart of Accounts."

  • Choose "Equity" as your account type.

  • Click "OK" after entering "Owner Draws" as the account name.

  • Select "Write Checks" from the "Banking" option on the menu bar at the top of the window.

  • From the drop-down box at the top of the window, select the bank account from which you wish to take the owner's draw.

  • On the "Pay to the Order of" line, write your name.

  • On the line with the dollar symbol, write the amount you're drawing. QuickBooks will automatically fill in the amount on the line where it is written out.

  • Select "Owner Draw" from the drop-down box under the "Account" column under the check image.

  • Select "Save and Close" from the drop-down menu.

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  • Jan 28 2022
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