How do I pay myself as a sole proprietor?

[madisonbehnke]

I am a sole proprietor and I am unsure of how to pay myself. I thought that I needed to have a personal and a business checking account and I would write myself a check when needed. But I have since read that because I am a sole proprietor, I do not need to have two separate accounts and would only need to keep track of what transactions were business and which were personal.  What should I do and if I do need to write myself a check from my business how would I keep track of that?

[JulieR]

I recommend that you use separate accounts for business and personal.  It is easier to keep track of your business expenditures that way.  As a sole proprietor, paying your self is known as an owner's draw.  The simplest and cleanest way to take such a draw is to write a check to yourself from the business account, then deposit it into your personal account.

[madisonbehnke]

Thank you so much. That helps me a lot!