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November 12, 2022
Question

What label should I assign to when I pay myself from my business profits? It's usually a Venmo to my husband or a bank transfer to my personal bank account. Thanks you!

  • November 12, 2022
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1 reply

November 12, 2022

Welcome to the Community, marian-orioncoun.

 

Allow me to share some information about fund transfers in QuickBooks Self-Employed (QBSE).

 

The movement of funds from your business account to your personal account falls under the category of transfers. In this case, you can use the Owner's Withdrawal category when transfers take money out of your business income account to your personal accounts.

 

Here's an article for more information: Categorize money transfers in QuickBooks Self-Employed.

 

I'd also recommend consulting with an accountant if you're still unsure about what to do or how to handle these types of transaction.

 

If you need a guide in categorizing other transactions, you can use this as reference: Categorize transactions in QuickBooks Self-Employed.

 

Return to this thread if you still require assistance or if you have additional questions about money transfers. I'll be here to assist. Have a wonderful day!