Question: If you’re a single member LLC, how do you record paying yourself?
Answer: You can record this an owners’ draw from your business. This is not an expense. You can write yourself a check, or just make a transfer from your business banking account to your personal banking account. Owner draws should not show up on your income statement.
Be Your Own CFO – The small business owners’ simple guide to bookkeeping and taxes.
If you’re looking for a little kickstart to get your finances in order, I’d love for you to join me and my small business friends over at Be Your Own CFO.
The Be Your Own CFO program includes access to a Certified Public Accountant and a membership site which includes short videos and beautiful, downloadable guides that will walk you through the main topics in each lesson. Each lesson will be released on a weekly basis to ensure that you don’t get overloaded with information, and you have time to review and ask questions before proceeding. We have a private Facebook group for check-ins, questions, and accountability!