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mikelu9661
March 11, 2023
Question

How to record gambling deposits/withdrawal in QBO online

  • March 11, 2023
  • 2 replies
  • 0 views

Hello,

I was wondering how do you record transaction going out of our credit card/bank acct/etc & going in. From what i found online is that all transaction going into my bank/financial account will need to be categorized as regular income (assuming other income & not sales income) transaction regardless of loss/profit within that. Then I will need to separately record the losses as an deduction expense and make sure it's itemized and not a standard deduction as I found that you cannot standard deduct gambling losses. if all this is true, my one question is how should i record/categorized money going out when doing the books each month since im categorizing all money going in as income transactions. 

 

EDIT: or the better question is what type of chart of account should i use for each of them

 

Thank you

2 replies

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Yvonne29
March 16, 2023

Just do a transfer from your credit card account to your bank account.

Then you will only have to expense the stuff you are allowed to for tax purpose. If you are making a deposit into your bank account then you can classify it as income and if it is gambling related just set up an account like a Draw on balance sheet and add that to you your personal tax return at end of year.

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Yvonne29
March 16, 2023

I would filter all transactions going in or out to the same account you set up on your balance sheet. This will give you a net total of profit or loss for the year

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