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nailsbylouiseg
Level 1

if i wanted to pay myself a wage and i am self employed, what category should the transaction go in?

 
1 REPLY 1
MsNorthPND1881
QuickBooks Team

if i wanted to pay myself a wage and i am self employed, what category should the transaction go in?

You would categorise this transaction as an Owner's withdrawal, Nailbylouiseg.

 

Transfers take money from your self-employed finances for personal use, typically when you move self-employment income to personal accounts to pay yourself. Here’s how:

 
  1. Navigate to the Transactions.
  2. Click Add transaction in the upper-right corner.
  3. Under Category and Tags, click Select Category.
  4. Type in the search for all categories Owner’s withdrawal.
  5. Click Save.

 

You can check this article to learn how to categorise transfers in and out of your bank and credit card accounts: Money transfers in QuickBooks Self-Employed.

 

On top of that, I recommend consulting your accountant regarding the categorisation to ensure the accuracy of your books.

 

Let us know and we’ll gladly lend a hand. If you happen to come across any difficulties while categorising.

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