What is the best way for sole propritior small business to take money out to pay owner?As a draw, petty cash e?
I am not sure of the correct way to pay myself for my service business and to show for taxes etc in Quickbooks???
Withdraw the amount, and call it “owner equity”, or at least that’s the way I was taught in Accounting class in college. However, that was about 30 years ago, and accounting theories and terms might have changed since then. I own or co-own several businesses, but I don’t have the business records on me, and I use an accounting service these days.
Owner’s equity is the cash and sweat that an owner invests in the business. Taking out cash decreases the amount available to the business, but of course the owner needs to get cash from the business.
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