How can I record owners contributions and distributions in quickbook online? (2024)

Good day, @lblackman38.

An owner's draw is a draw method used whena sole proprietor or partner in a partnership takes company money for personal use. In order to track this on QuickBooks, you have to create anequity account. That way, the program can trace thewithdrawals of the company's assets when paying yourself. Here's how:

1. Click theGear iconat the top, and selectChart of Accounts.
2. In the Chart of Accounts window, clickNew.
3. From the Account Type drop-down list, chooseEquity.
4. ChooseOwner’s Equity from the Detail Type drop-down list.
5. Enter an opening balance.
6. ClickSave and Close.

Once done, you can create a check and use theowner's equity account to record the payment.

1. Click+Newand selectCheck.
2. Choose the bank account where your money will be withdrawn.
3. SelectPrintlater if you want to print the check.
4. Fill in the check fields. In the Account field, be sure to select theOwner's equity accountyou created.
5. ClickSave and Close.

For the detailed steps, you can check out this article:Set up and pay an owner's draw.

All of the transactions you've created using this account will be posted in your account's register. If you need to review your data, simply run an AccountQuick Report. Just go to the Accounting menu and select Chart of Accounts. Then, look for theOwner's equity account and click the drop-down list under the ACTION column. Finally, choose Run report to check your account.

And if you want more details, you cancustomize reports to focuson specific accounts or filter for specific things.

In case you have further questions or concerns, please click the Reply button and write them down. I'll be here if you need further assistance. Have a good one!