I have a small business that I manage from my home office.
I have some home expenses that I wish to enter (split) as part private & part business.
My internet access expense is 50% business use & 50% private use.
From my Downloaded Transaction, Split Transaction page, I need to enter my business part (50% - easy done), but cannot figure out how to properly add the private part (50%) so as the expense is added & calculated correctly.
Internet bill per month $100 (AU)
Business use $50 (Expense)
Private use $50 (Not at all connected to, or relevant to, business expense)
Thanks for getting back to us, EZRiderAU.
Allow me to add some information about the answer given by Rustler.
Any money you withdraw out of your business for personal use is called Owner’s Equity Draw. You’ll see it in the Chart of Accounts.
For more information about Owner’s Draw account, check out this article:
In case, you need detailed steps on how to split your downloaded internet expense transaction, here’s how:
That’s it! You’re now set to record your transaction.
Don’t hesitate to get back to us if you have additional concerns. We’re here to help you out.
You can record the personal portion of the expense to the owner draw account. If the company is paying a personal expense on your behalf that is considered a distribution to you and reduces your equity in the business.