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Thank you for this wonderful community, learning so much!I've started quickbooks as recommended by my accountant to streamline BAS reports. This is my current employment situation Company A: Contractor (non-GST billing industry)Company B: Contractor (GST billing industry)Company B: Also part-time employeePart-time income through company B is taxed before deposit ie. with-held as you go by employer. My question is does quickbooks have the scope to handle my part-time income so the end of year tax is super easy? Also, given my above arrangement, is this the right way to set rules for money coming in? When part-time salary comes in: Opening balance equity / Out of scopeWhen any personal income is transferred to my personal savings: Owners drawings / Out of scope Thank you in advance :)
Hi, I just started using Quickbooks and still on 1st month trial. My business structure is sole trader and i regularly transferred fund from business account to my personal account as owner drawing. I have read some discussions saying owner drawing should be record under Owner Drawing - Owner Equity. My question is my owner drawing under owner equity is in negative amount, will that be any issue? If so, what should i do? I dont need to put/invest any money into the business at this stage as it has sufficient fund to run from my sales income. Thanks for your help. Much appreciated.
These forms emailed from QBO look very amatuerish.
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