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Two questions which I cannot seem to find a simple, definitive answer to:
1. Is an owner withdrawal a "business" or "personal" transaction and should it be "excluded"?
2. Is business money used for a personal purchase a "business" or "personal" transaction and should it be "excluded".
Note, I'm a sole trader using QBSE.
Thanks.
Hello XSmith, thanks for posting on the Community page, so to answer your first question it yes it would be a personal transaction and for your second question, it would go down as owners withdrawal.
Thanks for your reply - so an owner withdrawal should be categorised as a “personal” transaction, but should it be “excluded”?
Hi XSmith, the Owner's Withdrawal would be recorded as a Transfer and is a Personal transaction. For further guidance on categorizing money transfers in QuickBooks Self-Emploed, see here.
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