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Beggsy
February 19, 2022

How do I pay myself as the company owner and have it not marked as an expense?

  • February 19, 2022
  • 15 replies
  • 0 views

Hello,

Im very new to QuickBooks and running a business also so sorry in advance if this question seems a bit silly.

Basically I recently set myself up as a sole trader and made a payment from my business into my personal account, how do I mark this as a payment to myself? I had initially set myself as a supplier by accident but it marked as an expense so I have deleted it and dont know how to go about categorising it correctly within the QuickBooks app.

 

Thanks

-Connor

    15 replies

    Jude Rose Accountancy
    February 19, 2022

    Hello Connor,

     

    Maybe you could treat it as 'wages'? So out of bank and allocated to wages.

     

    Hope that helps

     

    Chris

      paul72
      paul72
      February 19, 2022

      Hi @Beggsy 

      This does need to be treated as wages or drawings.

      Setting yourself as a Supplier is wrong (I think you know that) as the payment then becomes an expense.

      You are effectively taking money out of the business which has not yet been taxed - so you need to keep track of it.

        BeggsyAuthor
        February 19, 2022

        Yeah I thought so, Its just automatically came out as an expense on the app but I cant seem to find where the option is to allocate it as a draw. When I press it I only get options to mark it as an expense. 

        Jude Rose Accountancy
        February 19, 2022

        I don't use the app that much so will take a look, however, I need to pop out now. So will look later.

         

        Are you using QB for sole trader or company?

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