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sootsmeohio
sootsmeohio
Not applicable
posted
‎10-15-2018 07:15 PM
last updated ‎November 08, 2018 2:04 PM

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

For example, if I buy groceries with my bank credit card, it will show up on the downloaded transactions.  How do I account for this personal expense?  QuickBooks Self Employed allows me to tap a Personal Expense icon, and the selected transaction was separated from my business related expenses.  Is there a similar feature in QuickBooks?

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Best answer 10-15-2018
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Rustler
Rustler
Established Community Backer ***
‎10-15-2018 07:15 PM

QBSE is single entry bookkeeping, QBO or QBDT (desktop) i...

QBSE is single entry bookkeeping, QBO or QBDT (desktop) is double entry accounting.

In accounting, you do not mix personal finance with business finances.

If you are taxed as a sole proprietor or a partnership, then if you must enter personal purchases, you use owner equity drawing as the expense for that purchase.  You need to stop doing that though, you can dedicate a personal credit card to the business if for some reason you do not want to get a business credit card.


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Rustler
Rustler
Established Community Backer ***
‎10-15-2018 07:15 PM

QBSE is single entry bookkeeping, QBO or QBDT (desktop) i...

QBSE is single entry bookkeeping, QBO or QBDT (desktop) is double entry accounting.

In accounting, you do not mix personal finance with business finances.

If you are taxed as a sole proprietor or a partnership, then if you must enter personal purchases, you use owner equity drawing as the expense for that purchase.  You need to stop doing that though, you can dedicate a personal credit card to the business if for some reason you do not want to get a business credit card.


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Jamie Ry
Jamie Ry
Not applicable
‎05-13-2019 08:14 PM

Re: QBSE is single entry bookkeeping, QBO or QBDT (desktop) i...

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

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