How should I pay myself or draw on my business account? It doesn't appear to be possible, which I find completely unbelievable and frustrating

I have checked all the drop down boxes and all I can think to use is Payroll expenses, which isn't really correct. The info that customer services sent me, seems ok, but those options weren't available in my version so back to square one. Apparently I'm the only person on the planet trying to pay myself from my sole trader business...

Answer

Hi Amanda, As a sole trader, any money you take out of the business will be "drawings" rather than payroll. I'm not sure which version of QBO you're using, but there should be an account with drawings in the name that you can post any money transferred to your personal account to. I would suggest that it's probably easiest to do this as an "add" from the banking screen, after you've made the bank transfer with your bank directly.

If you cannot find a "drawings" code you can set this up in the accounting screen under chart of accounts, and the type should be "Equity".

Hopefully this helps you to record the money you've taken.

Thanks, Kayleigh

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