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February 19, 2022
Question

I made a withdrawal from my bank account. How do I record the withdrawal in my register. I am trying to reconcile and I don't know what accounts to use.

  • February 19, 2022
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1 reply

February 19, 2022

I'm here to ensure you're able to record a bank withdrawal on your register in QuickBooks Online (QBO), @evansgirl2012.

 

You can record cash or check withdrawals in QBO. But before doing so, I would recommend consulting your accountant for guidance so your account stays accurate. 

 

If you did a cash withdrawal from your bank account, you can set up and use petty cash. It's a convenient supply of cash you can use to pay small expenses. To do this, here's how:

 

  1. Go to the Accounting menu.
  2. Select Chart of accounts.
  3. Click the New button.
  4. From the Account Type drop-down, choose Bank.
  5. From the Detail Type drop-down, select Cash on hand.
  6. Enter Petty Cash for the account name.
  7. The opening balance will be created when you move money from the checking account by writing a check or transferring funds. If you already have money to use for petty cash, enter the amount in the Balance field. Then, choose the as of date.
  8. Click Save and Close.

 

Once you're done, you can put some funds in your petty cash. To manage, get started, and keep up with everything you do in the said account, you can refer to this article for the complete details: Use petty cash in QuickBooks Online.

 

If your bank withdrawal is for an expense transaction, you can create a check or an expense. For the step-by-step guide, you can visit this article: Enter and manage expenses in QuickBooks Online.

 

Then, reconcile your account whenever everything is all set. 

 

Also, to further guide you on how to use your accounts from your chart of accounts to categorize your transactions in QBO, I'd recommend checking out this article: Learn about the chart of accounts in QuickBooks Online.

 

Please keep me posted in the comments if you have other concerns about recording withdrawal transactions and making sure your accounts are accurate in QBO. I'll gladly help. Take care, and I wish you continued success, @evansgirl2012.