Skip to main content
S
siancoaching
February 20, 2021
Question

How can i mark what i take out of the business account as salary and still keep it counted as part of profit%3F

  • February 20, 2021
  • 1 reply
  • 0 views

the account used for Quickbooks is used exclusively for my self-employed business. I take money out and put in my personal account as "salary". Because this is a deduction from the account, it looks like an expense and so isnt counted as income, which it is. I want Quickbooks to be able to show me what i owe in tax at the end of the year, but unless i can find a way of it counting this "expense" as part of the profits, I cannot. Can you help?

1 reply

MJoy_D
MJoy_D
February 20, 2021

I can share some information on how to mark the transactions you take out from the account, @siancoaching.

 

There are lots of categories available in QuickBooks Self-Employed (QBSE). We are following the HMRC's SA103F categories for self-employed individuals. 

 

You can categorize those withdrawals from your self-employed finances for your own personal use as Owner's Withdrawal. Still, I suggest consulting an accountant for guidance on the best category to use.

 

Here's more information about SA103F Categories in QBSE. Also, you can check the following article for more information on how to categorise money transfers in QuickBooks Self-Employed.

 

I'm always here if you need more help in recording your transactions. Let me know in the Reply section below. Take care and have a wonderful day!

Terms & ConditionsAccessibility statement