Skip to main content
Rachel8
Jan 16, 2020 11:07 AM UTC
Solved

Personal spending

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

GeorgiaCAnswer
Jan 20, 2020 10:51 AM UTC

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 

View in thread

4 replies

payment after leaving
Jan 16, 2020 12:04 PM UTC

Hi Rachel8

 

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

Rachel8Author
Jan 20, 2020 10:18 AM UTC

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

GeorgiaCAnswer
Jan 20, 2020 10:51 AM UTC

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 

Terms & ConditionsAccessibility statement