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Owner Investment/Drawings - Reporting

julesthurgoodjulesthurgood Member Posts: 2

This is the first year that my business partner and I take out monthly withdrawals from our business and I track them as Owner/Investment Drawings.

I am prepping my taxes and I need to know if those withdrawals are showing up on my profit and loss or general ledger report as I want to ensure it is there OR I don't include it twice in my report to my accountant.

Thank you!
Julie

in Accounting Technical Support

Comments

  • MikegMikeg Member Posts: 995 ✭✭✭

    @julesthurgood,
    They should be on your balance sheet under the equity section. That is where the Owners Draw account defaults for Wave, correctly so.

  • julesthurgoodjulesthurgood Member Posts: 2

    Thank you Mike - I guess what I am really making sure is that when I look at my reports (since they updated and we changed how we paid our owners) - is that say, I had an income of $100k and paid out owners and investors I will have to minus that amount from our income - that it isn't already calculated in the Wave reports and I am double counting it.

  • MikegMikeg Member Posts: 995 ✭✭✭

    @julesthurgood,
    If you are taxed as a partnership, amounts paid to a partner are not deductible unless they are a guaranteed payment.

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