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userrosiew45
March 12, 2021
Question

How do I record owner's draw?

  • March 12, 2021
  • 1 reply
  • 0 views
Original commenter did not share additional details

1 reply

J
JamesM4
March 12, 2021

Hi userrosiew45,

 

I'm happy to learn you're taking advantage of the time-saving features which QuickBooks offers. I'd be glad to steer you on the right path so you can record your transactions with confidence. 

 

Making sure you're recording transactions the right way is a good exercise for preventing errors in your books. I recommend contacting an accounting professional to get more info on this. If you're not in contact with one, I encourage you to search for one on our website using this link here. Doing this will help prevent any discrepancies on your account. 

 

I'll also leave this post here in the Community so that accounting professionals can chime in on this. In the meantime, feel free to ask other questions by leaving a comment below. I'm here to help. :) 

S
sadvikings71
January 24, 2022

Hi,

I am in a mess. I did not set up opening balances on my accounts when I started and balances are wrong. I have multiple transactions entered (over 100). How do I fix the balance of an account without have to re-enter every transaction, please? I have an accountant but have been told I am to learn and use QBO - I am not a bookkeeper nor an accountant but I am stuck with having to learn this and looking for support, please.

Thanks.

 

Kim  

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Nick K
January 25, 2022

Hi sadvikings71.

 

Learning how to use your accounting software is never a bad thing and QuickBooks Online makes it easy by offering many training options, how to videos and guides. I'd be happy to help point you in the right direction for this.

 

In order to correct an opening balance generally requires a journal entry but before doing so I recommend reaching out to your accountant due to their training in these kinds of entries. As for learning how to use QuickBooks Online I recommend giving our tutorial page a look here. It goes over the majority of day to day entries and features you'll be using.

 

If you have any questions let us know and we'd be happy to help.

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