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M
MPElec
February 24, 2021
Question

Bank transfer from business checking to 2 partners personal checking for draw payments.

  • February 24, 2021
  • 1 reply
  • 0 views

My bank is linked to quickbooks online and is categorizing them all as the same transfer when i try to edit the category. there are 2 partners who take draws at the same time each week for the same amount (usually). When i try to select the account the money was transferred to i pick partner 1 draw account, it defaults and changes all the other bank transfers to partner 1 draw but some of the transfers are partner 2 draws. 

1 reply

R
Ryan_M
February 24, 2021

Hi @MPElec,

 

The first thing I suggest is for you to follow the steps to add partners in your QuickBooks Online (QBO) in this article: Add an owner or partner to your books.

 

You can then use a cheque or an expense transaction to record your partner's draw. 

 

Here's how:

 

  1. Go to the + New menu.
  2. Select Cheque or Expense.
  3. Under the Account column, choose the Partner equity account you created from the article I shared above.  
  4. Fill up the other fields as necessary. 
  5. Hit Save and Close.

Take a look at this article as well: Record an owner's contribution or capital investment in your business. It's a guide on how you can enter investments from your partner to your books. 

 

Tag me in the comments below if you have other questions about partners in your QBO company. I'll be around to help you out. 

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