expense into a landlord owner draw

Question

hi, new to quicken. had quickbooks. one of our rental properties is a partnership and every quarter we each take a draw. in quickbooks I  just put it as an equity, owner draw. but how do i record the draw in quicken classic so that i can track the draws. i cannot do a transfer since the other partner's account in not part of our accounting. is there a way to do a journal entry so that its not an expense?

NotACPA · Answer

Expanding, slightly, upon the excellent reply from @Tom Young, you'll still write checks to the various partners …  you just need to use the name of  the account itself, in square brackets [Account Name] as the category.

In Q, "Net Worth" (analogous to  Owner's Equity) is simply calculated by subtracting the sum of all liabilities from the sum of all  assets. There is no "maintained by the program" "Owner's Equity" account.

So, by reducing the value of the  checking account asset, you're reducing "Net Worth"

Tom Young · Answer

Quicken has no explicit "equity" account.  Equity (actually Net Worth as Quicken is a "personal financial" product) is a calculated number.

Quicken has a back-door method of affecting Net Worth that you might want to try.  If you make a draw of cash you record the draw in the checking Account and as the "Category" you use the checking Account itself as the "Category", e.g. [Name of checking Account].  That entry will reduce the cash in the Account but will not affect any other Account or Category in the file.  It's only effect will be on the balance sheet as a reduction of the Net Worth calculation.