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QuickBooks Q&A

QuickBooks Q&A

7127 Topics
D
darrengaleamecha
 EOFY and Reconciliation
C
clradnim1
 GTS and BAS
J
jodie8
 Payroll and STP
C
craftandjive
 Payroll and STP
U
useracme4businesssys
 Manage your account
N
nbish11
 Other Questions
Classify bank transactions for owner's drawings & owner's investments

Hello all, I am new here and to Quickbooks and need a bit of help, please. I currently run a sole trader business structure in Australia using Quickbooks Online and am having difficulty on how to categorise transactions relating to owner's equity in my banking feed. When I first started using Quickbboks Online everything was managed through my personal account, but now, I have a separate business account. My business is doing really well now, to the point that I can pay myself a steady 'wage' per week. I do this by transferring money from my business account to my personal account. My problem is this, though, I can record the transfer in one of two ways and I do not know which one I should choose. In my banking feed under my business account, I can either:select the transaction, click the Categorise option, choose Expense as the transaction type, myself as the Supplier/Customer and Owner's Equity:Owner's Draw as the category, with GST set as Out of Scope (0%); orselect t

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info1473
 Banking
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john230
 GTS and BAS
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barbara.tudlik
 Payroll and STP
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userbenconnolly76
 Manage your account
J
jonathan21
 Payroll and STP
U
usercharlottesobey
 Manage customers and Income
G
gennaros
 Payroll and STP
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robynwills21
 Manage your account
C
ccm25
 Other Questions
D
dillan24
 Manage customers and Income
W
wiggsama
 Manage suppliers and expenses
J
jody51
 Manage customers and Income
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pauline luxford
 Payroll and STP
W
wendy-longley
 Manage customers and Income
U
userjoseph
 Banking
M
mwallbridge
 Manage customers and Income
J
JV21
 Banking
Y
yourlocalridesha
 Banking
N
nmoore1
 Payroll and STP
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