The owner of our business doesn't take any drawings but has now set up a private pension. This comes out of the business bank account monthly. How do we record this?

Good day, @lauraampomah,

I want to make sure you're on the right track with recording the owner's pension in QuickBooks.

If you're not using the payroll feature in the software, you can manually write a regular expense transaction for the pension. Perform the steps below:

1. At the top of the QBO Dashboard, click the Create ⨁ icon.
2. Select Expense from the list.
3. In the Payee field, enter a supplier name (Pension Provider).
4. Choose a Payment account to which to credit this expense.
5. Enter the date of purchase in the Payment date field and specify the Payment method for the expense.
6. (Optional) Enter a description of the expense.
7. Key in the amount of the purchase and any Tax paid.
8. Select Save and close or Save and new.

I want to hear from you. Please update me on how things goes or if you need further assistance. I'll be right here to help you anytime.

@lauraampomah 

That payment is an equity draw if the business is not an ltd.

If the owner had been contributing some amount to an actual private pension maintained by a third party, the payments made would still be an equity draw.  And payments received would come from that third party.