Hi Matt_74, you mentioned you are Sefl Employed can we check if you are using the Self Employed product, or are you using QuickBooks Online? As there should be an owner withdrawal category on the former product.
Hi Matt_74, you mentioned you are Sefl Employed can we check if you are using the Self Employed product, or are you using QuickBooks Online? As there should be an owner withdrawal category on the former product.
Hello Matt_74, It is all down to how you want to show it are you wanting it to show as an expense? You can set up a second chart of account bank account and call it personal and then in the +symbol use the transfer and select from the business account to the personal one that will not affect the expenses, will show the bank balance correctly but then that will show on the balance sheet. So the alternative would be to create an expense specifically y for owner withdrawal so you can see on the reports when it comes to what is needed to be included on the tax return, There are different ways to do this so I appreciate it is confusing as also some users record it as owners equity. It may be worth speaking to an accountant, essentially as long as you label it so when it comes to doing your return you know what expenses not to include that is fine.
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