How do i add purchases I've made into QuickBooks and Pay myself? ?

Question

3 Questions about using QuickBooks 2008 correctly.

1. For the last year i was only using QuickBooks only for invoicing and as record keeping, without a bank account attached, whenever i made purchases from my personal account i used a account i created called 'shareholder loans' for purchase i made to simply keep track of business expenses. Also the income from invoices shows i have 14k in the 'income - personal account' I'm not sure how to fix this to get it to reflect this years income only.

Also, now that I'm using a business bank account how do i enter my visa purchases that I've made from my biz account into QuickBooks?

3. Lastly, How to i properly transfer funds from my business account into my personal account without having to use QuickBooks with my personal account. Do i add myself as an employee even tho I'm not going to 1099 myself or W2.. I'm a sole proprietor. no LLC or Corp yet.

Any help with at least 2 of the 3 would be great. This program is pretty intense!

Answer 1

The best thing for you to do is find a bookkeeper that uses quick books they can help  you and audit your quickbooks to make sur you are doin it right.

Most bookkeepers will help you and don't cost that much. It is important you do it right.

Charlie

Answer 2

~~I'm not positive I understand your questions completely, but I will help with the way I interpet them. If I'm incorrect, please feel free to contact me throught he email options on Y/A.

For the first part of our question, I have no answer as I'm confused on what you set up.

The way to track your Visa charges would be to set up another register for those purchases. That way you have a running total of your charges, and enter your charge card payments into the deposit column (which will reduce the balance). This should match with your credit card bill (be sure and add the finance charge under the payment column).

Your last question would be you just write a check to yourself out of the business account and you would show it as a draw against your business funds (it would have to be deducted from you business check register). When you have your taxes done at the end of the year a bookkeeper will put everything into the right information on your tax forms. If you are going to try and use quickbooks to avoid an accountant at the end of the year, then I suggest going to a Quickbooks seminar or paying Intuit for bookkeeping services so you can have everything set up for the government correctly.

We have used Quickbooks for years for our business, however I still take our books in quarterly to a CPA. We get the best tax benefit with her expertise, as well as keep everything legal and correct. Quickbooks helps us in tracking our profits and losses, customer  base, invoicing, estimating, etc. I'm just not knowledgeable enough on taxes to trust this program alone (we do have a corporation so it's much more involved), and I can't take a chance on a costly mistake. Hope I helped some, and at least I hope I explained some options. Good luck