personal transfers - what to log as

Forum|Forum|3 years ago
January 4, 2023
1 reply
1 view

HI ! i am using quick books self employed ...

i had about 4 bank accounts for tax year 21-22 ... 2 at the beginning one being a student one, then i started using starling near the back end of that year. I connected them all as i sometime paid for fuel and other business expenses using my student one. however, a) i have student loan payments coming in that one, ive classed them as personal is that correct?

Also the biggest one i'm not sure on, i transfer a lot within ie into savings, out of savings, between bank accounts .. what do i class these transactions as? I know there is a business transfers option, but they aren't business transfers it's just me moving money? sometimes from my business card to my personal, sometimes in and out of my savings? not sure how to label them?

Thank you!

QuickBooks Self-Employed

Ashleigh1

Level 14

Hello Paigecrossley77,

Welcome to the Community page,

So for the student loan payment you can either leave it as person or you can put it to the repayment of loan category. In regards to your second paragraph about the movement of money, you could perhaps do it to other expenses but we would advise you speak to a trained and qualified accountant about what to put it against, as this is more of a professional advise question and we are just technical support and not trained accountants.

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