UK - Quickbooks Online personal transaction?

[sampsonzak]

I am using quickbooks online and I am trying to figure out what category I should mark personal payments under?

I tried to post on the QBO forum but it would not let me post, I think there is something wrong with their website.

I am a sole trader and I cannot figure out what category I would mark any personal payments down under, could someone please help?

Debtors
Current assets
Cash at bank and in hand
Tangible Assets
non-current assets
creditors
credit card
current liabilities
non-current ^
equity
income
other income
cost of sales
expenses
other expenses


I was thinking Other Expenses -> Other Expenses, but this sounds like it is a business expense so would show up on my tax return as a business expense? Want to make sure I get it right.

Thank you

 

[Scalloway]

It should go under Equity as Drawings. More information here.

https://quickbooks.intuit.com/learn...agement/can-i-enter-my-own-drawings/00/344957

 

[sampsonzak]

It should go under Equity as Drawings. More information here.

Hi, thank you. I found Equity but I am not sure which one - should it be under "owners equity" ?

Corporations use Owner’s equity to show the cumulative net income or loss of their business as of the beginning of the financial year.

 

[Scalloway]

Yes use Owner's Equity. There is no hard and fast name for the account, it just needs to make sense to anyone looking at your accounts.