I'm having trouble figuring out how to categorise personal expenses made on my sole trader account - there doesn't seem to be an option for "personal expense", or I'm just completely blind.
Can anyone help?
Hi There Jpgodwin,
Thanks for reaching to the Community.
When your saying Sole trader is this the Self employed product? If so, If the transactions are coming in from the bank that you have connected you can select the box to the left hand side and then mark as personal in the banner above the date/amount/transactions etc.
If your creating the transaction there is no option to categorised as personal as personal should not be entered into a business account.
I can't see the option in the banner you mentioned Becky. I just have 'Batch Actions: Accept/Exclude/Modify) above the expense. I am on 'simple start' with VAT.
I have a problem with personal expenses as a Sole Trader, I've now got a card just for the business, but some of my bills are shared between me and the business so they come from my personal account, and previously I just had one account. I used to exclude all the personal things, but that means nothing can be reconciled. I would love to straighten this one out!
Thanks for clarifying which product you are using.
To record the personal transactions, you can connect your personal account and then categorise the transactions in the for-review tab using your existing expense accounts, however you would need to exclude the transactions which are not relating to the business, as anything you add from here will show on the PL and balance sheet; this also means you will not be able to reconcile the account. Do you reimburse yourself for the expenses from your business back to your personal account?
I too am struggling with this.
I previously used Quickbooks SE but now have to apply VAT and so have set up QB Online Simple Start.
How do I categorise PERSONAL expense? I need to be able to reconcile my accounts and so cannot exclude transactions.