Categorize money transfer to my personal bank account? (Sole Prop)
I am a new sole proprietor. I've been using quickbooks and it is connected to my BUSINESS bank account, so it auto transfers every new transaction.
I do have a separate business and personal bank accounts but it is my understanding that as a sole prop I will just file everything together at the end of the fiscal year.
After saving a % of all my business income towards future taxes, I transfer the remaining balance to my personal account so I can use it from there. However... Quickbooks is asking me to categorize that transfer and I can't quite figure out what category would that be?
Also, the % of income that I’m saving towards taxes - I'm also transferring that to a "savings account" inside my business account. I imagine quickbooks will also ask me to categorize that transfer and I'm not quite sure what would it fall under.
Thank you!
