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I started planning my (sole trader, non-VAT registered) hand made soaps business last year, purchasing a bunch of equipment, supplies, etc from my personal bank account. Now I am about ready to start trading I have opened a new business bank account, deposited an amount of startup capital, and now want to reimburse my personal account for the start up expenses. I can see lots of advice on how to do this in QB Online, however following the advice on the sales page I have subscribed to QuickBooks Self Employed. Did I choose wrong? Would the Online version suit me better? Or is there a way to record these transactions as expenses?
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Thanks for providing additional details on what you have done with the transactions, downtoearthsoaps.
Yes, you're doing it right. If you're unsure about the categorization, it would be best to consult an accounting professional. This way, they can guide you on the correct category to use for making sure your books are accurate.
I'm also sharing this article for additional reference about categories in QBSE: Custom categories in QuickBooks Self-Employed.
Drop me a comment below if you have any other questions. I'll be more than happy to help. Wishing you a good one.
.I'm glad you reached out to our support, downtoearthsoaps
QuickBooks Self-Employed (QBSE) is commonly used to track income, expenses, mileage, and tax info. This type of QuickBooks is designed specifically for independent contractors and freelancers at year-end. QuickBooks Online (QBO) on the other hand is preferred by small businesses because of the chart of accounts feature.
Feel free to check out this article to learn more about the available products in QuickBooks: Pricing and subscription levels for QuickBooks Online.
For more product options, you can reach out to our QuickBooks Sales Team. They can help you choose which product best suits your business needs.
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The Community is always open if you have other questions. I'll be around to help. Wishing you a great day ahead.
Thanks but this doesn't answer my question. I need to record these transactions from my personal account as expenses? I can add each transaction manually, but then when I pay money from my business account to my personal account to cover those expenses won't this get taken into account for income tax purposes when it shouldn't as it's reimbursing expenses?
I am in the UK by the way, so 'Schedule C' doesn't mean anything to me!
Hi downtoearthsoaps, you can mark the transaction as a transfer so that this won't be included in the return, do you have your personal and business bank account connected to QuickBooks?
Hi, and thanks for replying. No, my personal (joint) account isn't linked to Quickbooks as I won't be using it for business purchases going forward. I literally need to do this once for a number of purchases made with my personal account before my business account started.
What I have done is:
Is this right?
Thanks for providing additional details on what you have done with the transactions, downtoearthsoaps.
Yes, you're doing it right. If you're unsure about the categorization, it would be best to consult an accounting professional. This way, they can guide you on the correct category to use for making sure your books are accurate.
I'm also sharing this article for additional reference about categories in QBSE: Custom categories in QuickBooks Self-Employed.
Drop me a comment below if you have any other questions. I'll be more than happy to help. Wishing you a good one.
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