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February 29, 2024
Question

Personal funds

  • February 29, 2024
  • 1 reply
  • 0 views

Hi, i am self employed.

Sometimes i pay money to personal accounts for shopping, other times i just use my business card to get shoppinf etc. 

 

What should i be putting this through as?

Personal? Or owners draw? 

 

Technically me buying groceries for home is me paying myself? So unsure. 

 

Hope this makes sense.

 

Thankyou

 

1 reply

February 29, 2024

Hey there, @keirad53. Thanks for dropping by to the QuickBooks Community page.

 

In QuickBooks Self-Employed (QBSE), you can categorize transactions as Owner's withdrawals when you transfer money out of your self-employed finances for personal use.  On the other hand, you can mark income that's not part of your self-employed business as Personal.


To get better insights on how to properly track transactions you've paid using your personal or business accounts, I'd suggest getting in touch with a tax advisor. They can provide you with the right info to make sure your income and expenses are reported correctly in QBSE. 

You can also take a look at these articles for more information about Personal Withdraw:

 

 

I'm just a post-away if you still need my help in categorizing your transactions. Thanks for dropping by and stay safe!