payment selection

Andybooks123 · ‎May 15, 2024

Hi, Thanks for taking the time to read this quiry.New to quick books and tax etc.

I am employed and my paye is sorted and goes into my personal account (not associated to quick books) and self employed on a side line job which pays to my First direct acount (assocoated with Quick books)

I have an account,first direct, set up just to accept payments in but then i transfer the payment to my personal account ,Halifax.

So i have eg: £100 paid to first direct (the account associated with quick books) but then ill transfer that £100 to my private account(not assocoated with quick books),

how would i list the payment in, as bussiness?

Andt the transfer out as what? business or pesonal

I hope that makes sense.

Many thanks in advance

kind regards

Andy

ShaniamarieC · ‎May 15, 2024

Thanks for sharing your concern here in the Community, @Andybooks123.

I'll be sharing information to help you handle your payment selection in QuickBooks Self-Employed.

You can categorize the £100 payment received in your first direct account as a business, as this represents the income from your sideline job. When you transfer the £100 to your personal Halifax account, you can categorize this transaction as personal. This represents money you're taking out of the business for personal use. However, it's always recommended to consult with a tax professional or accountant to ensure you're categorizing the transactions correctly for your specific situation.

Moreover, here is an article you can use to help you learn how to categorize transfers in and out of your bank and credit card accounts. Also, categorize the transactions you download from your bank or enter into QuickBooks.

Please feel welcome to send a reply if there are any additional questions you have in mind, Andybooks123. Have an awesome Friday!

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