cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Not applicable

What is the difference between labelling expenses as "Personal" vs "Exclude"?

 
1 Comment
QuickBooks Team

Re: What is the difference between labelling expenses as "Personal" vs "Exclude"?

Hi @evaine,

 

I'm here to share with you the difference between a personal and an excluded expense.

 

Personal expenses, as its name states, are those transactions not related to your business. You can mark your expenses as such to differentiate them from business expenses.

 

Excluded expenses, on the other hand, are transactions that you don't need. These could be duplicates, reimbursements, or returned purchases. Another thing to note, marking an expense as excluded means it won't be included in your tax year calculations.

 

You can learn more about different expense categories in this article: QuickBooks Self-Employed Schedule C Categories breakdown. This shows a table that explains if each category is shown in Profit & Loss, Tax Summary, and Tax Details.

 

I'll be around in case you need further help. Leave a comment below, and I'll get back to you.

Need to get in touch?

Contact us