I made some "personal speding" transactions in my business bank account throughout the year.
When entering those "personal" transactions into QBSE I marked them as perosnal (like I should have...lol).
Where are those "personal spending" transactions on the report "profit and loss"?
My concern is, the profit and loss says my net income is 20k (hypothetical) well do I now add those transactions that I applied to "personal spending" to that net income number OR?
In even other words, where do the "personal spending" transactions get applied specifically in QBSE? Are they even applied? Do I need to do something extra with them? They do not show up on the profit and loss report that I can tell anyway?
I am so confused and not sure why I am not understanding this simle concept...brain fart maybe? lol please help????
Let me help share information about how QuickBooks Self-Employed works.
QuickBooks Self-Employed is specifically designed to track business income and expenses to help estimate taxes and file the Schedule C form at year end. This is the reason why manually entered transactions are automatically set for business and cannot be changed.
The things that you can do in QuickBooks Self-Employed are the following:
Organize your business spending
Maximize your business deductions
Claim a mileage deduction by tracking business miles you drive
Help you figure out your business profit
Get your estimated tax payments calculated for you
Put your expenses into the correct Schedule C categories
Export your records to an easy-to-read Schedule C
Connect to TurboTax for fast year-end filing
As for the Personal transactions you've tracked, what we can do is you can export all your Personal Transactions via Transactions page then filter the Type to Personal.