If I make a withdrawal from PayPal linked to Quickbooks to a bank account linked to Quickbooks, how do I mark the transaction

carlaschocolatebouquets · ‎January 25, 2020

MaryLurleenM · ‎January 25, 2020

Hello there, carlaschocolatebouquets,

You'll want to categorize the transaction as Transfer in your QuickBooks Self-Employed. Transactions tagged as Transfer is excluded from our calculations for estimated taxes or business expenses.

Here's how:

Go to the Transactions menu.
Locate the transaction you want to categorize.
Swipe left for Business under the TYPE column.
Select Transfer under the CATEGORY column.
Once done, click Save.

You can check this article for reference: Transfers between accounts in QuickBooks Self-Employed.

Let me know if you have more questions.

View solution in original post

MaryLurleenM · ‎January 25, 2020

Hello there, carlaschocolatebouquets,

You'll want to categorize the transaction as Transfer in your QuickBooks Self-Employed. Transactions tagged as Transfer is excluded from our calculations for estimated taxes or business expenses.

Here's how:

Go to the Transactions menu.
Locate the transaction you want to categorize.
Swipe left for Business under the TYPE column.
Select Transfer under the CATEGORY column.
Once done, click Save.

You can check this article for reference: Transfers between accounts in QuickBooks Self-Employed.

Let me know if you have more questions.

dakoch · ‎March 01, 2020

What about transfers between Personal accounts? If I transfer from my Checking account to my Brokerage account, it is showing as an expense (type: "Transfer") in my personal expenses calculation for the year.

Rose-A · ‎March 01, 2020

Hi, dakoch.

Moving money between your checking and savings accounts, you will see an expense, which is the money leaving your checking account, and an income transaction, that same money being deposited to your savings and should be marked as Transfers

The following articles are good references in categorising and managing your transfers in QuickBooks Self-Employed:

If you have other questions, don't hesitate to drop a reply below. I'll zip right back to help you out.

dakoch · ‎March 01, 2020

Thanks for the quick reply!

I have both my Personal and Business account transfers categorized as "Transfers", as well as Credit Card Payments. It might be a product bug, but personal transfers are not being excluded from the Personal > Expenses calculation and display on the homepage dashboard.

JessT · ‎March 01, 2020

Thank you for reaching out to us, dakoch.

Only the transfers from the Business category will be removed from the list since it's the basis for your tax estimation. The transfers under Personal will stay, but will not be included to estimate your tax.

lf you have other questions about your reports, please don't hesitate to go back to this thread.

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If I make a withdrawal from PayPal linked to Quickbooks to a bank account linked to Quickbooks, how do I mark the transaction