UK Sole trader account

9 replies
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Hi there,

I've found QB to be incredibly confusing so far. Not to mention the website seems massively clunky on my Firefox. What should I be recording personal contributions to my business account (to cover bills) as? I've tried searching online but all the answers I've found don't match up to anything I see on my screen. I am very confused.

One answer I found suggested using suppliers but there is no suppliers option anywhere on my dashboard. Most the answers say to click the + at the top right of the screen, of which again I don't have.

Would I record this as "business" and "owner deposit"? Lastly, is there a way to purge all the data and start over? Again the documentation seems massively lacking and points towards things I don't even see on my screen.

QuickBooks Self-Employed

thecartoonman

I have always treated personal contributions as 'Owner Deposit'. QBSE has loads of limitations can be very frustrating.

gerikoAuthor

Yeh it does seem so. Would I put any personal spending that's been done as owner withdrawal then I assume?

thecartoonman

Hi, I treat any drawings, say to a personal bank account for living expenses (just like a salary) as Business/Owner Withdrawal.

If I go the the pub/shopping and use my business card to pay for drinks/clothes etc then I normally classify it as Personal spending and this then greys out the category options, as it's not a business expense.

Hope this is clear?

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