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arkvalleyinfo
Oct 16, 2018 12:59 AM UTC
Solved

I just want a report on owners draw. how do i run that report

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Rustler
RustlerAnswer
Oct 16, 2018 12:59 AM UTC

open the chart of accounts, use run report on that account from the drop down arrow far right of the account name

For a company taxed as a sole proprietor or partnership, I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

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2 replies

Rustler
RustlerAnswer
Oct 16, 2018 12:59 AM UTC

open the chart of accounts, use run report on that account from the drop down arrow far right of the account name

For a company taxed as a sole proprietor or partnership, I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

    Anonymous
    Dec 29, 2018 9:07 AM UTC

    and how do you use these accounts, when taking money out of the business? Can you provide a step by step walk through of which accounts are debited/credited. I assume money is withdrawn from the actual bank account so that should be deducted, but then how is the Equity "Owner Withdrawal?" account used?  etc. Thanks.

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