Can I assign a category for personal, non-business expenses that show up on my bank account transaction list?

So, for instance, if I have a checking account for business but a couple of times was used to pay a personal insurance, I log it as owner draw or contribution expense? Also if I had a large deposit that was not business income, how would I log it? I don't want the books not to come out balanced. Thank you

hi. my method is to create an owner draw account under the equity side of the charts of accounts. this very account is what i then use for all my personal withdraws. the same account is the one i use to mark any purchases made as personal. so technically is all recorded as an owner draw. rather than creating multiple accounts as personal and business and then having a long profit and loss report to sort through. keep in mind that owner draw account also known in quickbooks as Owner's Equity account is not considered in the profit and loss reports. these amounts are only displayed and accounted for under balance sheet. same place where other equities go like loans and credit cards. etc.

Can you put those owners draw transactions in categories?

Thanks for joining in on this thread, cbreen.

I'd like to share some details on both platforms. If you're using the QuickBooks Self-Employed version, you can select Transfer from the Type drop-down list. Then, search for Personal withdrawal (also called owner's draw) from the Category menu. This is the money you pay yourself from your Self-Employed business funds.

Here's an article and screenshot for reference: Transfers: Owner's Withdrawal

To view the Schedule C categories, you can open this article: Schedule C and expense categories in QuickBooks Self-Employed.

In QuickBooks Online, if you don't have the owner's draw account, you can add it by following the steps here: Set up and pay an owner's draw.

For more information about mixing funds to your business, feel free to read this guide: Mixing business and personal funds.

I'll be right here if you need more help with your QuickBooks Self-Employed account. Just add a reply below, and I'll get back to you as soon as possible. Have a good day ahead!