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snowleopard25
Level 2
posted
‎October 19, 2020 04:33 PM
last updated ‎October 18, 2020 10:33 PM

Paying yourself?

Hi,

 

I'm a sole trader and have a business bank card (Australian accounts) and sometimes I transfer money out of this business bank account into my personal savings account to buy groceries etc (non-business related expenses/personal spending).

 

So far I've just been recording these transfers from business account to private savings account as "owner's draw/owners draw" in the banking section in QB. 

 

However all my personal spending is logged on my balance sheet and in quickbooks also because my savings card need to be linked in quickbooks in order to "match" the transfers.

 

So I'm wondering how do I keep my personal banking completely separate from my business spending and not even have my personal savings bank card linked into quickbooks - but how then do I record this as a transfer or expense? As it's not a business expense but sometimes I need money for basic living expenses etc. and sometimes these can be small amounts ~$20 to larger amounts $300 etc.

 

Occasionally too I also transfer money from my savings back into the business and do the same thing but record it as "owner's contribution." How would I record these also?

 

I've seen some people say you write it as a cheque when you take money out of the business.. but what if it's a transfer or what if you pay for something using your business card? I'm just a bit confused about how to fill it out in the cheque section then or how do I actually record these amounts I take out without having my personal savings account card linked to quickbooks.

 

Thanks!

 

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Best answer November 19, 2020
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Bonny_
Moderator
Moderator
‎November 19, 2020 04:45 PM

Paying yourself?

Hi snowleopard25,

 

You don't have to have your savings account linked to QuickBooks if it's purely a personal bank account. When categorising your bank transactions, you can add it as a transfer to your owner's drawings account - no matching required. You can alternatively create an expense as well, but that works in the event that you're going to reimburse yourself the same amount from your savings account into your business account. This article provides more detail on recording it as an expense.

 

For owner's contribution transactions, you just need to categorise the 'money in' transaction in your business account as owner's contributions, and select Add to bring it into QuickBooks. Like before, no matching is required.

 

Hope this helps!

 

Bonny

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4 Comments 4
Bonny_
Moderator
Moderator
‎November 19, 2020 04:45 PM

Paying yourself?

Hi snowleopard25,

 

You don't have to have your savings account linked to QuickBooks if it's purely a personal bank account. When categorising your bank transactions, you can add it as a transfer to your owner's drawings account - no matching required. You can alternatively create an expense as well, but that works in the event that you're going to reimburse yourself the same amount from your savings account into your business account. This article provides more detail on recording it as an expense.

 

For owner's contribution transactions, you just need to categorise the 'money in' transaction in your business account as owner's contributions, and select Add to bring it into QuickBooks. Like before, no matching is required.

 

Hope this helps!

 

Bonny

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snowleopard25
Level 2
‎November 24, 2020 10:35 PM

Paying yourself?

Thanks so much for explaining! appreciate it cheers :)

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0703
Level 1
‎February 03, 2021 08:02 AM

Paying yourself?

I need to pay my QuickBooks renewal and I don't know my password. I can not get to my email because I have to leave QuickBooks to do so. You need to text all my info to me so that I may change my password !  Thank you,  Hunter Davis

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MaryLandT
Moderator
Moderator
‎February 03, 2021 08:55 AM

Paying yourself?

I want to make sure you're able to log into your QuickBooks Online account, 0703.

 

Before we start, it's important to have access to your email that's associated with QuickBooks. If you've turned on the two-step verification process, the system will send the code via email or phone.

 

You can reset your password and send the code to your phone. Let me show you how:

 

  1. Go to the QuickBooks Online sign-in page: qbo.intuit.com
  2. Select I forgot my user ID or Password.
  3. Enter your phone number, email address, or user ID, then click Continue.
  4. The screen will prompt you with the next steps.

If we're not able to locate your account based on the information you provided, you'll be prompted to provide another method to verify your account.

 

If you used your email address to verify your account and didn't receive the email with password reset instructions, consider the options below:

If you still don't have access to your email, you can send a request to change the address on file. To do so, go to this link and fill in the form: Recover your account when you can't sign in.

 

Once you're able to log into to your QuickBooks account, you can then renew the subscription.

 

Let me know if there's anything else I can help you with today. I'll be right here to make sure you're able to access your account.

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