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XSmith
Nov 30, 2023 10:56 AM UTC
Question

QBSE - Record Personal Expenses

Two questions which I cannot seem to find a simple, definitive answer to:

1.  Is an owner withdrawal a "business" or "personal" transaction and should it be "excluded"?

2.  Is business money used for a personal purchase a "business" or "personal" transaction and should it be "excluded".

Note, I'm a sole trader using QBSE.

Thanks.

3 replies

Ashleigh1
Nov 30, 2023 1:34 PM UTC

Hello XSmith, thanks for posting on the Community page, so to answer your first question it yes it would be a personal transaction and for your second question, it would go down as owners withdrawal. 

XSmithAuthor
Nov 30, 2023 3:53 PM UTC

Thanks for your reply - so an owner withdrawal should be categorised as a “personal” transaction, but should it be “excluded”?

GeorgiaC
Nov 30, 2023 5:05 PM UTC

Hi XSmith, the Owner's Withdrawal would be recorded as a Transfer and is a Personal transaction. For further guidance on categorizing money transfers in QuickBooks Self-Emploed, see here.

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