Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
July 18, 2019
Solved

Can I enter my own drawings

  • July 18, 2019
  • 2 replies
  • 5 views
how do I enter my own drawings as a sole trader
Best answer by Rustler

Enter the payment and use owner equity drawing as the expense (reason) for the payment

 

For a company taxed as a sole proprietor (trader), I recommend you have the following for owner/partner equity accounts

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

 

 

2 replies

Level 10
July 18, 2019


Hi middleton

 

We appreciate you have stated that you are a sole trader however which one of our products are you using, self employed or one of our small business products?

Rustler
RustlerAnswer
Level 15
July 18, 2019

Enter the payment and use owner equity drawing as the expense (reason) for the payment

 

For a company taxed as a sole proprietor (trader), I recommend you have the following for owner/partner equity accounts

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here