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4 replies

QBsguru
Dec 31, 2022 6:47 PM UTC

You can take a distribution is your equity section is positive since S-Corp earnings will run through your personal return.  Set up an equity account and call it Shareholder's distributions. Code the check to this account.

AileneA
Dec 31, 2022 8:09 PM UTC

Hello there, Venture115. 

 

Allow me to share some details about taking a distribution as the owner of an S-corp.
  

You can take a distribution and post from the Equity account since this will go through your personal return. This is nothing to do with your payroll. 
 

Also, I'd suggest reaching out to your accountant to verify the process and make sure that the equity account is being set up correct.
 

I've added these articles to help you with the process:

 

 

Please don't hesitate to let me know if there's anything else I can help you with. I'm always happy to assist you further. Take care.

Kcroyaljosh
Dec 27, 2023 8:23 PM UTC

I have done this, can I take the distribution though quickbooks payroll? If so, how do I do that?

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