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W
WMAN2019
February 9, 2024

I reconciled my bank statements, and the ending balance went to Balance Sheet and my withdrawals went to the income statements as Savings Withdrawals. The Loan officer stated that my savings withdrawls should not be on the income statements. I

  • February 9, 2024
  • 1 reply
  • 0 views

Monthly I reconciled my Business Savings account along with my other business accounts.

 

When the Loan Officer looked at he stated that the business saving account Withdrawals should not be showing up on my Profit and Loss statement.

At the end of the month bank statement ending balances end up on the balance Sheet, and the income and expenses end up on the Profit and Loss.  He stated I was intermingling funds.

 

Help what am I doing wrong??? 

1 reply

acct_rakib
acct_rakib
February 28, 2024

Put the withdrawal in the Owner's Withdrawal account. This affects the owner's equity directly, not the income or expenses. It shows up on the balance sheet.

W
WMAN2019Author
March 15, 2024

Thank you so much for the updated information.

 

MorganB
MorganB
March 15, 2024

I'm so glad to see you received the info you were looking for here in the Community, WMAN2019.

 

This is a perfect example of what makes this space so great - fellow QuickBooks users helping each other out. You know where to come if you ever need a hand again in the future.

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