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J
jkimmings
January 7, 2020
Solved

Classifying personal VS business expenses

  • January 7, 2020
  • 1 reply
  • 6 views

Hi. I'm currently using separate invoicing and expenses software so at the end of the year I can easily see how much I made and how much I had to pay out. I would like to use QuickBooks to keep in all in one place, but due to being a small company I only have one bank account, so all of my personal payments are mixed up with business payments. I'm happy to go through them all each week/month and sort them out, but how do I classify a personal expense so it doesn't get recorded as an expense at the end of the year, I only want to know about expenses linked to the business?

Best answer by payment after leaving

OK...I don't really mind if the balance is the same or not really, I only need to know my total income from the invoices which is easy, and then the total expenditure. Can I classify personal expenditures in a certain way so that they would be excluded from a report for example?



Hi jasonkimmings

 

Once you exclude the personal transactions from the for review/banking screen they will not appear in any report.

1 reply

P
payment after leaving
Level 10
January 7, 2020

Hi jkimmings

 

The advice we give would depend on what type of account you subscribe to. Are you self employed and submit a self assessment and are you VAT registered?

J
jasonkimmings
January 7, 2020

Hi. I'm self-employed but using the standard software as the self-employed software didn't have features I need such as chasing invoices. I don't submit a VAT return so all I need is a total income and a total business expenses amount.

P
payment after leavingAnswer
Level 10
January 7, 2020

OK...I don't really mind if the balance is the same or not really, I only need to know my total income from the invoices which is easy, and then the total expenditure. Can I classify personal expenditures in a certain way so that they would be excluded from a report for example?



Hi jasonkimmings

 

Once you exclude the personal transactions from the for review/banking screen they will not appear in any report.

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