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.

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