How should a payment for my own personal property made with LLC company’s bank account be recorded in QuickBooks

QuickBooks Help QuestionsHow should a payment for my own personal property made with LLC company’s bank account be recorded in QuickBooks
Bill C. asked 3 years ago

How should a payment for my own personal property made with LLC company’s bank account be recorded in QuickBooks?
I am the sole owner of LLC company.

admin Staff replied 3 years ago

Normally, you should have three equity accounts for each member of an LLC in QuickBooks. The Chart of Accounts should look like this:
Member Equity (Master account. This is for summing up. Never directly posted to this account)
Member Contribution (Sub-account of above Member Equity. Directly posted to this account).
Member Draw (Sub-account of above Member Equity. Directly posted to this account).

If you’ve multiple members of LLC, you will have Master Member Overall Equity account. The above three accounts should be the sub-accounts type of a master Member Overall Equity account.

To reply to your question, it’s should be recorded to Member Draw account.

member draw


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