I followed the steps to account for mileage as a journal entry credited to my Owner's Equity account. Now I want to withdraw money from my business checking to reimburse myself for my mileage. How do I record this? Thanks.
Same basic question. I'm using Wave for my personal accounting. How do I categorize mileage reimbursement income?
Either write yourself a check or transfer from business account to personal account. Categorize as an owners draw. This is debiting owners draw and crediting cash.