I am a sole trader, and take a wage. I have been marking these as 'owner withdrawal', but this does not come off the running total of business expenses at top... Where do they show? I will be using QuickBooks to do my self assessment, so the amount really needs to show
When I run the tax summary report, 'owner withdrawal' is nowhere to be seen..?
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Hi Rutherford2 Owners withdrawal is considered to by equity rather than an expense and therefore the amounts shouldn't be included in your allowable/disallowable expenses, tax summary or show on your profit and loss. You are able to see the total amounts of the transactions you've categorised as owners equity if you download the tax details report.
I don't have this option... there is no 'chart of accounts' button... i am assuming equity only applies to a limited company. i am a sole trader
there is no owners equity in the tax report....