Types and Categories for credit card payments and transfers between bank accounts?

victorlinphoto · ‎June 02, 2020

Hello, I'm a sole proprietor and my business is my single source of income. I have the following accounts and transfers and I'm not sure how to categorize the following types of transactions in my Transactions section:

Chase Bank Business Checking

Chase Bank Personal Checking

Capital One Credit Card (which is mostly personal but sometimes has business purchases)

Transfer Funds from Business Checking -> Personal Checking

Are these TYPE: Business, Personal, or Split?

Is the CATEGORY just "Transfer"?

Transfer Funds from Personal Checking -> Business Checking

Are these TYPE: Business, Personal, or Split?

Is the CATEGORY just "Transfer"?

For the list of Credit Card Transactions what is the TYPE and CATEGORY of the bank payments I make to this credit card? The credit card sometimes has a mix of personal and business expenditures.

For the list of Business Checking Account Transactions what is the TYPE and CATEGORY of the credit card payments I make from this bank account? The credit card sometimes has a mix of personal and business expenditures.

MaryLandT · ‎June 02, 2020

Hey there, victorlinphoto,

I'm here to help categorize your credit card payments and transfers in QuickBooks Self-Employed (QBSE).

Credit card payments are categorized under Credit card payment. They won't show on Profit & Loss, Tax Summary, and Tax Details reports since those are transfers. While those transferred funds should be categorized under Transfer. They don't count towards your income or expenses.

For your reference, feel free to read through the QuickBooks Self-Employed Schedule C Categories breakdown page. It will tell you more about different expense categories and how they will appear on your Schedule C report.

The Categories in QuickBooks Self-Employed link will also provide existing categories and new ones that are updated in the system.

Stay in touch if you need additional information, and I'm happy to help.

Thank you and stay safe!

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Types and Categories for credit card payments and transfers between bank accounts?

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