Categorizing Owner Withdrawals

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System
System Member admin
edited May 2022 in Business and Rental Property Tools (Windows)
This discussion was created from comments split from: Pay myself from Business wiht Quicken H&B.

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  • Michael Farrell
    Michael Farrell Member ✭✭
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    I started a LLC business this year 2019 I meet with my accountant reviewing my Profit and Loss Report. He asked where is the withdrawal item?
    On a business withdrawal question I found this post, similar to my question. I'm not sure if the post is still open dated August 2016. As I understand the answer on creating a withdrawal from the business account to the you perform a TXFR to your personal banking account and categories the transaction as "cash" is this correct?
    The Tool>category list has "cash" as an expense category and a tax reported as a "standard line item list". Doing various reports:
    - Profit & loss Statement; cash (withdrawal) is not listed as an expense item so does not show up in the report.
    - Income & Expense Report; does show the cash (withdrawal) expense item.

    Not knowing any better I wrote a check to my personal account and just by chance categorized it as an existing list "cash & ATM" category. Is this an option to perform a withdrawal?
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