Just setting up Self Employed version as a sole trader. Is it possible to categorise most of the transactions in the downloaded bank list as Personal ( family things , food etc etc ) and some as Business, related to my new work ( eg Office supplies ) now that I invoice people a couple of times a month only? , in additional to a part time PAYG job. Ideas Appreciated.
Congratulations on your new job, @Shipping and Marine.
Yes, it's possible to categorise most of the transactions in the downloaded bank list as Personal and some as Businesses.
Though your invoicing people a couple of times monthly related to your new work, it will depend on how you can claim your Self-Employed expenses. To help you select the accurate one, here's a quick guide of the available categories: Self-Employed expenses You can claim.
To be more specific, family things and food can be categorised as Personal unless it's clients related to your self-employed work, then you can mark it as Business expenses. In addition, office supplies will fall under Business expenses, especially if it's work/business-related. You'll learn more information about how to organise income and expenses: Categorise transactions in QuickBooks Self-Employed.
In case you wanted to speed up reviews, you can create rules in the Transactions menu. This way, downloaded transactions are categorised automatically.
Feel free to add a comment if you have other questions about tagging business or personal transactions. I'm always here to lend a hand. Stay safe and have a great rest of the day!
Thanks , though I see nothing in Categories called "Personal" For example a newsagent where I buy a magazine or some other places I use regularly, not related to business , do I need to create a rule , so its automatic. All I see for selection in rule creation is " Uncategorised Expense" that might be useful. I'm probably missing something.
Hello Shipping and Marine,
You'll have to check the transaction type by selecting the Personal or Business under the Type column in the Transactions tab.
Furthermore, the Rule can help you categorise the transaction automatically based on the condition you've set up. You can refer to this article to learn more about how to Categorise transactions in QuickBooks Self-Employed.
Feel free to drip a comment below if you have other question. I'm always here to help.
Hi Shipping and Marine,
You can select a Type (Personal or Business) when recording a transaction in QuickBooks Self-Employed. However, on the screenshot you've provided, it seems that you're on a QuickBooks Online plan. If you wanted to have a transaction be automatically categorised or added in QuickBooks, you can set up a bank rule.
Let us know if you need any help. Have a nice day.
I totally understand that being able to select a personal and business type on your transactions is essential on your business. QuickBooks Online is ideally use to record your business transactions only. You can also send your valuable feedback to our Product Development team by going to Gear icon and select Feedback.
Thank you and have a nice day, Shipping and Marine.
Hi Shipping and Marine,
It's sad to see you go and not continue your QuickBooks subscription. Please know that we will continue to build products that will deliver awesome experiences. I'd recommend contacting our Customer Care Team should you have further concerns about QuickBooks Self Employed and QuickBooks Online version.
Feel free to message us back should you have other questions. Have a nice day!
Hi, sorry if this is a silly question, I'm just starting my own business for the first time. But if I transfer money from one account to another should it be categorised as personal and if so will that effect my return in anyway. Also on quick books self employed app do you only have the option to categorise as buisness and personal ? or is there more options.
Hi there, @Jojomarino.
I'm here to help you with how to categorise transfers in QuickBooks Self-employed.
When you enter a transaction into QuickBooks, it is important to categorize them. This includes transactions downloaded from an online bank account or manually entered.
Transfers are classified into three types: owner's deposit, owner's withdrawal, and credit card payment. Check out this article for your reference: Learn more about transfer categories.
The owner's deposit is when transferring personal funds to your self-employment finances.
Owner's withdrawal is the transactions accept funds from your self-employed account for personal use.
The credit card payment type is only for credit card payments.
You can utilise this article for your reference: Learn more about transfer categories.
Moreover, here's how to categorise a transaction:
On a web browser:
On an iPhone or iPad (iOS) or an Android:
In addition, discover how to create and apply rules to quickly categorize recent and historical transactions. Check out this article for your guide: Create rules in QuickBooks Self-Employed.
Let me know if you have a follow-up question, I'll be right here to assist you further. Have a pleasant day.