Quickbooks – how to record personal withdrawal?
Question
What account do I use to pay myself (not a corporation) and transfer monies from my business to my personal accounts?
Respones
Do you have your personal checking account(s) setup in the same QuickBook company file? Are you setup for online banking to download the transactions? Assuming that neither of the above is true, the Chart of Accounts should have owner/equity accounts that you would debit when withdrawing money from the business and credit your bank account to reduce the monetary balance. You can rename the account in the Chart of Accounts as well as create new equity accounts (say, one for each partner).


