Owner Withdrawal

Hello and welcome to the QuickBooks Community, Bakes53

QuickBooks Self-Employed operates on the basis of a simple money-in, money-out cashbook without a reconciliation tool. With this, you simply need to categorise all transactions downloaded from your online bank account or entered into QuickBooks manually (as a Cash transaction).

When you categorise, QuickBooks puts your transactions on the correct line of your Schedule C/Tax Summary. This also organises your income and expenses, so you know what areas of your self-employed business have the biggest impact.

Personal wages taken from income made through your self-employed work should be categorised as Owners Withdrawal. For further information on categorising transactions in QuickBooks Self-Employed, see here.

I hope that helps to clarify your query. If you do have any further questions, please don't hesitate to reach back out to the Intuit QuickBooks Community for support. 

Ok thank you. So I need not worry about the quickbooks balance not matching my personal account as long as I mark any monies taken out as owners withdrawal ? 

Hi, What if you pay for fuel out of your business account and split it 70/30 70% is for personal use, how would you mark that transaction?

Hi Shaunwhite Thanks for reaching out to us here on the Community. If your bank account is connected you'll have three options under the 'Type' column, Business, Personal and Split. If you select the split you'll then be able allocate the amount as business and personal as a percentage or amounts.