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BrandonS-CPA_Padgett
Aug 12, 2022 3:41 PM UTC
Solved

Owner's Draws: Categorize or Transfer?

When you record an Owner's Draw from a bank feed, are you supposed to record a Categorize or Transfer?  I want to make sure I am doing it correctly.  I have included a screen snip below, showing how QuickBooks is suggesting Transfer, but I thought it should be Categorize.  Thank you for any help.

    JessT
    JessTAnswer
    Aug 12, 2022 4:04 PM UTC

    Hi BrandonS-CPA_Padgett!

     

    It's great to see you posting today! I'm happy to provide details about recording an owner's draw from a downloaded transaction.

     

    QuickBooks will randomly suggest a method to record a downloaded transaction. You are right about categorizing the downloaded draw instead of recording it as a Transfer. To do this, you'll want to click on it and choose the right category.

     

    Another way of recording a draw is to manually create a check. Here's an article for more details: Set up and pay an owner's draw.

     

    I'm just a comment away should you need more help with your transaction. Take care and happy weekend!

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    7 replies

    JessT
    JessTAnswer
    Aug 12, 2022 4:04 PM UTC

    Hi BrandonS-CPA_Padgett!

     

    It's great to see you posting today! I'm happy to provide details about recording an owner's draw from a downloaded transaction.

     

    QuickBooks will randomly suggest a method to record a downloaded transaction. You are right about categorizing the downloaded draw instead of recording it as a Transfer. To do this, you'll want to click on it and choose the right category.

     

    Another way of recording a draw is to manually create a check. Here's an article for more details: Set up and pay an owner's draw.

     

    I'm just a comment away should you need more help with your transaction. Take care and happy weekend!

    BrandonS-CPA_PadgettAuthor
    Aug 12, 2022 4:07 PM UTC

    Thank you so much for your quick response.  I thought this was correct based on the training, but I wanted to be safe.

    JonpriL
    Aug 12, 2022 4:29 PM UTC

    Appreciate the update, @BrandonS-CPA_Padgett .

     

    I'm happy my colleague was able to resolve your concern about reviewing an owner draw from your list of downloaded bank transactions.

     

    As always, let us know in the comments below or by starting a new thread discussion if you have any other questions. Stay safe and have a good one!

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