I'm self-employed and I transfer money from my business account to my personal account as salary.
I've searched and read the responses to similar questions asked on this forum but I don't understand them.
All I need to know is what category do I list the transfer as?
Can I clarify how I select that option please?
When I review transactions in my account, there are 4 check boxes. Categorise, Find Match, Record Transfer and Record as Credit Card Payment.
I cannot find an "Owner Withdrawal" option under any category.
Please could you direct me to where I select this option?
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.