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    DJOE's Avatar
    DJOE Posts: 4, Reputation: 1
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    #1

    Mar 18, 2008, 12:05 PM
    Owner's Draw
    ;) Hello! I have an owner who wants to take money out of the company not as a loan and not as an employee. (W-2 - We use an employee leasing company.) I know if I write him a check should the entry be as follows:

    DR: Owner's Draw - Equity Account
    CR: Cash

    Should their be any follow-up entries for year-end or tax purposes?

    HELP!! And THANK-YOU! ;)
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #2

    Mar 18, 2008, 01:00 PM
    I take it this is not a corporation but a sole proprietorship?

    In which case, your JE is fine.
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