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Rachel8
January 16, 2020
Solved

Personal spending

  • January 16, 2020
  • 1 reply
  • 0 views

How does QB deal with Personal Spending transactions when calculating the year-end tax report? Are they included in the Profit figure?

Best answer by GeorgiaC

Hello Rachel8,

 

As personal spending is not income to your business it would not be included within your profit, if you are unsure of this we would advise to speak to an accountant. 

 

Thanks 

1 reply

P
payment after leaving
January 16, 2020

Hi Rachel8

 

If you have categorised transactions as personal they will not be populated within the P&L or Taxes section.

R
Rachel8Author
January 20, 2020

So they're not included in the end of year profit figure, even though they are technically a profit?

G
GeorgiaCAnswer
January 20, 2020

Hello Rachel8,

 

As personal spending is not income to your business it would not be included within your profit, if you are unsure of this we would advise to speak to an accountant. 

 

Thanks 

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