Hi there, @lwyche-ffl-gmail.
I'm here to help you categorize your transactions in QBSE. In that way, you'll be able to know what areas of your self-employed business have the biggest impact.
You just need to identify if the transaction is for personal income or business income. It will be included in your estimated tax if that's for business income. Then, if you want to exclude it, select personal income. Here's how:
For more information about categorizing transactions, I suggest checking this article: Categorize transactions in QBSE.
To ensure that you'll be able to organize your transactions properly, I'd recommend checking the different categories below that you can use in the system:
The Community is always open if you have other questions about categorizing transactions. I'll be around to help. Wishing you a great day ahead!
A construction draw is a liability since you owe it to the lender. Set up a liability account for the loan, then deposit the draw into your bank account and assign it to the new liability account. That will put the funds in your bank account and record a corresponding amount as a liability due to your lender.
Hey there, @eregalado.
I'd like to know what product you are using. So I'll be able to provide the proper steps for recording the draw in your QuickBooks account.
Please don't hesitate to share them in this thread. I'm more than happy to guide you along the way. Take care.
Thanks for joining in the thread, @Dr_Kinu. I have all the steps to help you track loans in QuickBooks Desktop (QBDT).
You'll first have to set up a liability account to record your loan and its payment. I'll guide you on how:
Then, create a new vendor for the bank or company you need to pay for the loan:
After that, create an expense account so you can track interest payments or charges:
Now that you have a liability account for the loan, you can record the loan amount. You can proceed to step 4 in this article which details the process: Manually track loans in QuickBooks Desktop.
Moreover, if you want to keep track of your loans and be reminded about upcoming payments, you can track and manage your loans with the QuickBooks Loan Manager.
We're all ears if you have further clarifications about the process. Feel free to leave a reply below and we'll get back to you.