How to record cash withdrawal in QuickBooks.

How to record cash withdrawal in QuickBooks.

How to record cash withdrawal in QuickBooks

If you want to record cash withdrawals in QuickBooks then you would have to go through the following process:

Are you a Quickbooks user?
  1. First, you would have to create a petty cash account for your business.
  2. The simultaneously make one Owner’s Draw account.
  3. Then you would need to write a cheque to fund petty cash balances.
  4. Then record your transactions.

Now to Create Petty cash account follow these steps:

  • List menu > Chart of Accounts.
  • Now click Accounts tab > New > Bank.
  • Give a name to your newly created account as Petty cash.
  • Click save and close when done.

Now you would have to create and Owners draw account.

  • List menu > Chart of Accounts.
  • Now click Accounts tab > New > Equity > Continue.
  • Enter the name as owner’s draw account.
  • Click “Save”.

Write check to loan your Petty cash.

  • Banking > Write cheque.
  • Now select the account you want to use for the withdrawals.
  • Now type Cash > Pay to the order, if you are using petty cash account.
  • Click Account, you can find that under the Expenses tab.
  • Now select the petty cash,
  • Enter the amount you are withdrawing.
  • Click on save when you are finished entering your data.

Now record your petty cash transaction:

  • Click on the Banking tab > write a cheque.
  • From the drop down list select Petty cash account.
  • Pay of the order > Type in the name > Expenses.
  • Now click on the Account > Select the account you want to use to fund your purchases.
  • Enter the amount and click Save.

This is how you record cash withdrawal in Quickbooks. Though every step has already been covered, if you are still looking for help then talk to our Quickbooks Customer support now and get all the necessary help you need.

Still in Doubt…!

Request a Call Back

Talk to our Quickbooks Proadvisor and resolve your issue over a phone call.

We gaurantee 100% satisfaction

You can even give us a call at our Quickbooks Customer Support for USA, Canada and UK at ✆ +1800-940-7442 and talk to our Proadvisor now.


Related articles:


Report Your Issue

(Didn't find what you were looking for! Report your issue and get customized help from our QuickBooks experts.)

QuickBooks Version:
Edition Year:
No of User: Licence
HELP Needed:
Name:
Phone:
Operating System:

What is Qbpro?

We are a Quickbooks and TurboTax consulting firm that takes care of all the issues that people might ever face within these programs. If you are using any of the above platforms and are continuously faced with bugs then we are here to help. You can connect with us for errors related to Quickbooks or TurboTax via any of the medium below:

What Our Clients Say...

Here is what people have to say about us.


Areas we serve:

We are proud to announce that we are covering entire Canada. Thus if you face any issues now, give us a call as our proadvisors work 24/7 to get your issues fixed.


Leave a Reply

Your email address will not be published. Required fields are marked *

Contact Me

Leave a Message

Disclaimer: QBpro.ca is a reputable QuickBooks® Consulting firm that provides professional support services related to your accounting software. It is also a front-runner in providing 3rd party technical support services for quickbooks.

Canada

"Get QuickBooks Support, no matter where you are living in Canada. Just Call and get issues fixed."

Alberta British Columbia Manitoba New BrunswickNewfoundland and Labrador Northwest Territories Nova ScotiaNunavut Ontario Prince Edward Island Quebec Saskatchewan Yukon

 

Are you confused and not able to manage your books on QuickBooks…!

Dial us: ✆ +1800-940-7442

Still facing issues

Get Help For Your QuickBooks Accounting Software

Resolve your every issue on a
Free 30 minutes call

Enter your details to get a cheat sheet of 96 awesome tricks to use Quickbooks like a pro.

We hate SPAM and promise to keep your email address safe.

Get FREE 30 minutes, Resolve your issues now!

Call Now: 1-800-940-7442