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December 12, 2021
Question

I am helping clean up a mess in their books and the previous person created numerous journal entries to owners draw for business expenses. What would be the best fix ?

  • December 12, 2021
  • 2 replies
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Original commenter did not share additional details

2 replies

December 13, 2021

If it were me fixing this, I would export the shareholder account to a spreadsheet and create a journal entry for each month reclassing the expenses to the correct accounts.  It is not an ideal solution but will save you the time from reclassing each entry.

 

Kevin 

December 14, 2021

Hi cgostick-telus-n,

 

I'm glad to see you reaching out to Community.  I can understand your concern for cleaning up the books involving large numbers of journal entries to owner's draw.  In this situation the best course of action would be to consult with an accountant for their expertise and assistance, to ensure your books are accurate and aligned.  If you don't have an accountant, we can help you find a ProAdvisor in your local area.  I hope this helps!

 

If you have any other questions, please reach back out.  We'd be happy to assist!