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How to Record in QuickBooks When an Owner Withdraws Cash from the Business Account
How to Record in QuickBooks When an Owner Withdraws Cash from the Business Account, How to Keep Track of Petty Cash

How to Record in QuickBooks When an Owner Withdraws Cash from the Business Account

QuickBooks accounting software allows a business owner to keep complete financial records for a company's income and expenditures. When a portion of the expenditures need cash transactions, the cash withdrawals require to be entered in QuickBooks to confirm purchases and payments are properly credited to an expense account. For the most correct reporting possible, company bookkeepers must generate a petty cash account within the program. When the account is generated, each withdrawal made through the business owner or an employee is reported in the petty cash account attached to the company.

Sometimes a business owner will have to make cash withdrawals from their business account. Whether the purpose is to pay themselves, or to have cash on hand for making change, it is essential to remove the cash and to record the withdrawal in the QuickBooks software to reflect the account from which the withdrawal was made and the "account" into which the cash was "deposited." If the business is a sole proprietorship, this withdrawal would be called a "draw." If the business is incorporated, this would be a "distribution."

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