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iamsickflowzbusi
Level 1

Hi, I am a YouTuber/Live Streamer who just started using this for taxes. How do I record the money that I make? For example, If I make $5000 and withdraw the $5000

 
3 Comments
katherinejoyceO
QuickBooks Team

Hi, I am a YouTuber/Live Streamer who just started using this for taxes. How do I record the money that I make? For example, If I make $5000 and withdraw the $5000

Hi there, @iamsickflowzbusi.

 

Welcome to the Community. For recording purposes, you can add the transaction and categorize it as your business income. Here's how: 

 

  1. In the Transaction menu, select Add Transaction.
  2. Enter the 5000 in the amount field and its description.
  3. In the Select a category menu, choose business income. You can also click the link to learn more about categories.
  4. Select Save.

 

Then, for your withdrawal, you also need to add the transaction again using the same steps. But you'll need to find a category that suits best for this withdrawal transaction.  

 

To make sure your books are correct, I'd suggest you speak to your accountant for the proper category to use. 

 

For more information, check out this article: Manually add transactions in QuickBooks Self-Employed. It also includes steps in case you'll adding transactions using mobile apps. 

 

For your future reference, here are other helpful articles about how QBSE handle taxes: 

 

 

Feel free to visit again if you have other concerns. We're always delighted to help you more. 

ParkwayInc
Community Champion

Hi, I am a YouTuber/Live Streamer who just started using this for taxes. How do I record the money that I make? For example, If I make $5000 and withdraw the $5000

HI @iamsickflowzbusi,

The best answer to this question requires a much bigger discussion but I want to hopefully provide you some additional guidance from one YouTuber/Live Streamer to another.

One of the best parts of all online versions of QuickBooks Online are their bank feeds. Once connected, these feeds will pull in all transactions that process through your bank account allowing you to then categorize them as personal expenses (in QuickBooks Self Employed) or business expenses.  In more advanced versions of QuickBooks Online, it is assumed that you will have a separate bank account for personal and business to make it easier to track true business expenses.

So here comes the harder part...

Once you have the transactions pulled into your version of QuickBooks Online, you need to categorize the various transactions so they can better match what can be claimed for tax purposes. For example, you really are not supposed to claim any money spent on meals for yourself since it is expected you have to eat anyways (that is as close as I can get to tax advice without actually giving you any tax advice).

Along with all of the expense transactions that go through your bank account, all of your deposits will show up as well allowing you to categorize the transactions as business revenue or personal money deposited or transfers between accounts.

Below is a video from a good friend and QuickBooks Self Employed Expert Mariette Martinez! Hopefully this video or others on her channel will help you out, but please feel free to reach out directly and we can talk shop.  You can find additional videos around QuickBooks Online through my YouTube channel also at https://youtube.com/parkwayinc

amandamaed
Level 1

Hi, I am a YouTuber/Live Streamer who just started using this for taxes. How do I record the money that I make? For example, If I make $5000 and withdraw the $5000

Hey @iamsickflowzbusi  !

 

Hopefully you have figured this out by now but if not then the simple answer is record the $5,000 in income to the "sales" account.  You can rename or add new sales accounts as needed.  For example you could label one sales account "you tube income" another could be "Twitch income" yet another "affiliate/ads income" and so on.  

As a self employed individual you would then record the $5000 payment to yourself as "Owners Draw" or as QB likes to call it Owner's pay & personal Expenses.  

If you need anymore help feel free to contact me anytime, love working with your industry! [email address removed]

 

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