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dlwcmomof4
Level 1

How do I catagorized a payment to myself in quickbooks for a sole proprietor

 
7 Comments 7
AddieC
QuickBooks Team

How do I catagorized a payment to myself in quickbooks for a sole proprietor

Hi there, 

 

I'm glad you've taken time out of your busy day to reach out for help with this. I want to make sure you're given the best advice possible in order to ensure proper bookkeeping. 

 

The categorization you choose will be up to you and your accountant to decide. The steps for how to categorize a transaction in QuickBooks Online depends on what type of transaction you've created. 

 

You mentioned that you created a payment to yourself. How did you record this payment? In other words, what type of transaction have you used to reflect this payment in your books?

 

With a bit more information, I'd be happy to explain the steps on how to categorize your transaction. Let me know in the comments section and we'll go from there. 

 

Cheers. 

hairbysydnifox
Level 1

How do I catagorized a payment to myself in quickbooks for a sole proprietor

Hello! 

   I second this question.  I am a sole prop and pay myself weekly with a transfer from my business account that is linked to my QuickBooks account  to my personal bank account (that is not linked).

 

My accountant said to do whatever made sense to me... help please!

 

thanks in advance,

 

sydni

AddieC
QuickBooks Team

How do I catagorized a payment to myself in quickbooks for a sole proprietor

Thanks for joining the discussion. I just want to make sure we're on the same page. Are you recording your wages via payroll, or another type of transaction in QBO?

Cardona Property Solutions
Level 1

How do I catagorized a payment to myself in quickbooks for a sole proprietor

Hello there, 

 

I have the same question. I did an e-transfer to myself but I don't know how to categorize it.

 

Any help is appreciated.

LauraAB
QuickBooks Team

How do I catagorized a payment to myself in quickbooks for a sole proprietor

Hello Cardona Property Solutions,

 

Thanks for joining us on this conversation about categorizing a payment to yourself in QuickBooks Online. I'd be happy to point you in the right direction to ensure that you get the proper direction for your books.

 

When we talk about categorizing an expense, we mean allocating it to an expense account. You can use the existing accounts set up in the Chart of Accounts or you're welcome to create your own accounts if you'd like to organize your books in a different way. While I can show you articles such as the Learn about the chart of accounts in QuickBooks, which goes over accounts and how to add them, I can't advise you on which category to choose for your transaction.

 

For that kind of advice, I recommend consulting an accounting professional. They'll be able to let you know how you should be entering these kinds of transactions for your books and the best category/account to choose when you do so. If you have an accountant, they can even work with you right in your books. All you'd need to do is select the My Accountant tab, where there's an email invite field to bring them on as a user to your QuickBooks Online. If you don't have an accountant, use the Find a pro to help button in that tab instead, which will take you to our directory of QuickBooks-certified accountants near you.

 

You may also receive advice from other users here in the QuickBooks Community, but for a more immediate response, and accountant may be a better solution for you.

 

Wishing you the best!

Aileen0510
Level 1

How do I catagorized a payment to myself in quickbooks for a sole proprietor

I wrote myself a cheque from my business account and deposited to my persona account, how do I record that in quickbooks?

JamesM4
QuickBooks Team

How do I catagorized a payment to myself in quickbooks for a sole proprietor

Hi Aileen0510. I appreciate you reaching out on this thread. Making sure you're recording your transactions the way right is important for keeping your books clean. I encourage you to reach out to an accounting professional for expert advice on how you can record the cheque on your account. If you're not in contact with an accounting professional, you can reach out to one on our site using this link here. Feel free to ask other questions, I'm here to help.

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