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S
Shipping and Marine
August 23, 2021
Question

Personal and Business expenses.

  • August 23, 2021
  • 1 reply
  • 0 views

Just setting up Self Employed version as a sole trader. Is it possible to categorise most of the transactions in the downloaded bank list as Personal  ( family things , food etc etc ) and some as  Business, related to my new work ( eg Office supplies )  now that  I invoice people a couple of times a month only? , in additional to a part time PAYG job. Ideas Appreciated. 

 

1 reply

M
mv32
August 23, 2021

Congratulations on your new job, @Shipping and Marine.

 

Yes, it's possible to categorise most of the transactions in the downloaded bank list as Personal and some as Businesses.

 

Though your invoicing people a couple of times monthly related to your new work, it will depend on how you can claim your Self-Employed expenses. To help you select the accurate one, here's a quick guide of the available categories: Self-Employed expenses You can claim.

 

To be more specific, family things and food can be categorised as Personal unless it's clients related to your self-employed work, then you can mark it as Business expenses. In addition, office supplies will fall under Business expenses, especially if it's work/business-related. You'll learn more information about how to organise income and expenses: Categorise transactions in QuickBooks Self-Employed.

 

In case you wanted to speed up reviews, you can create rules in the Transactions menu. This way, downloaded transactions are categorised automatically.

 

Feel free to add a comment if you have other questions about tagging business or personal transactions. I'm always here to lend a hand. Stay safe and have a great rest of the day!

    S
    Shipping and MarineAuthor
    August 30, 2021

    Thanks , though I see nothing in Categories called "Personal" For example a newsagent where I buy a magazine or some other places I use regularly, not related to business , do I need to create a rule , so its automatic. All I see for selection in rule creation is " Uncategorised Expense" that might be useful. I'm probably missing something. 

    I
    IntuitSheila
    August 30, 2021

    Hello Shipping and Marine,

     

    You'll have to check the transaction type by selecting the Personal or Business under the Type column in the Transactions tab.

     

    Here's how:

    1. Click on the Transaction tab.
    2. Click on the transaction on the list.
    3. Under Type column, select Business if the transaction was for business, and select Personal for personal.
    4. Under Category column, select the specific category you wanted to assign to the transaction.
    5. Click on Save.

    Furthermore, the Rule can help you categorise the transaction automatically based on the condition you've set up. You can refer to this article to learn more about how to Categorise transactions in QuickBooks Self-Employed.

     

    Feel free to drip a comment below if you have other question. I'm always here to help.

     

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