Owner Capital Draw

[sba-user]

I searched here but couldn't find the answer...

I created an account under Retained Earnings called Owner Draw for payments
to myself since I'm not on the payroll. When I go to write a check to
myself, the program wants an account however, it only allows three options:
Customer, Vendor and Employee...

How is the business owner supposed to write checks to himself?

Thanks.

 

[Allan Martin]

I searched here but couldn't find the answer...

I created an account under Retained Earnings called Owner Draw for
payments
to myself since I'm not on the payroll.

What does the word "under" mean?



When I go to write a check to

myself, the program wants an account however, it only allows three
options:
Customer, Vendor and Employee...

Customers, Vendors and Employees are not accounts.

 

[visitor]

Set yourself up as a Vendor. Just don't print yourself a 1099 at the end of
the year.

 

[Roy Chastain]

Any comments as to the correctness of this answer?

Thanks

 

[Is.]

I would set yourself up as an employee instead of a vendor.

Just my opinion.

 

[pndaccountants]

Owner's draws are withdrawals of a sole proprietorship's cash or other assets for the personal use of the owner. Each of the owner's draws of cash will be recorded with a credit to Cash...