Skip to main content
B
Bakes53
May 23, 2024
Question

Quickbooks self employed - owner withdrawal

  • May 23, 2024
  • 1 reply
  • 0 views

I am a small new business.  I'm a sole trader using quickbooks self employed.  I've taken money from my business account using "owner withdrawal".  The amount is reflected in my bank account, but my quickbooks balance doesn't change ? How to reconcile this please so my bank balance and qb balance match ?  (My personal account isn't linked with qb) 

1 reply

G
GeorgiaC
May 23, 2024

Hello and welcome to the QuickBooks Community, Bakes53

 

QuickBooks Self-Employed operates on the basis of a simple money-in, money-out cashbook without a reconciliation tool. With this, you simply need to categorise all transactions downloaded from your online bank account or entered into QuickBooks manually (as a Cash transaction). 

 

When you categorise, QuickBooks puts your transactions on the correct line of your Schedule C/Tax Summary. This also organises your income and expenses so you know what areas of your self-employed business have the biggest impact.

 

Personal wages taken from income made through your self-employed work should be categorised as Owners Withdrawal. For further information on categorising transactions in QuickBooks Self-Employed, see here. 

 

I hope that helps to clarify your query. If you do have any further questions, please don't hesitate to reach back out to the Intuit QuickBooks Community for support. 

Terms & ConditionsAccessibility statement