So as a sole trader, would someone be able to assist me in explaining how I go about tagging in Quickfiles, a receipt for a cash purchase from my pocket, please?
Do I show it from Payment Information / Proprietors Drawing Account?
Kind Regards
Phil
Hello @Trickyhicky
Was the purchase for the business or a personal purchase from the business account?.
Hi @QFSteve, it was a purchase for the business.
Any business purchase that was paid for from your own personal funds would be logged in QuickFile as paid from drawings.
If you have a separate cash box of “business cash” as distinct from your personal cash it can be handy to track the cash box like a bank account using the “petty cash” account, but any use of personal funds is treated as paid from drawings regardless of whether it’s cash, card, or something else - it’s not business funds and that’s all QuickFile cares about.
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