Hi there, Amelia.
I'll share some insights on handling the owner's withdrawal in QuickBooks Self-employed.
Mixing business and personal finances may seem like an easier way to manage your growing business. But sometimes this can cause confusion when categorizing transactions.
You'll use the owner's withdrawal when transferring money out of the company's assets to pay an owner. All the funds that came from self-employed work are categorized as Business. On the other hand, self-employment income deposited to your personal accounts to pay yourself should be categorized as Transfers.
You'll only mark the income that's not part of your self-employed work as Personal. This includes earnings from others who share your bank accounts, personal transactions, and deposits, such as regular paychecks from an employer.
To help streamline the review and categorization process of your transactions, I'd recommend reading these articles:
Stay in touch with me if you have to need more help in managing your transactions. I've got you covered.
