USA Recording bank transactions

[msrgrafx8285]

A little background: Single entity LLC in Louisiana established 10/2013.
I am using Quickbooks online for all accounting.

When I withdraw money from the business account to my personal account, if I deposit the exact amount back into the business account can I just exclude these transactions in Quickbooks since they wash each other out or do I need to code as "owner draw" when removing and code as "owner equity" when depositing back for each of these transactions?

Thank you in advance for all replies

Michael Rayford
MSRgrafx

 

[ColinCPA]

It's really your choice, as everything is net to equity in a single-member LLC anyway. However, keep in mind that you will have a problem reconciling your bank statements at month end if the withdrawals and subsequent contribution are in different months.