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

sootsmeohio · ‎10-15-2018

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?

Rustler · ‎10-15-2018

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.

View solution in original post

Rustler · ‎10-15-2018

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.

View solution in original post

Jamie Ry · ‎05-13-2019

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