Owner Capital Draw


S

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.
 
A

Allan Martin

sba-user said:
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.
 
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V

visitor

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

Roy Chastain

Any comments as to the correctness of this answer?

Thanks
 
I

Is.

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

Just my opinion.
 
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Joined
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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...
 

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