What are the “Personal Income” and “Personal Expense” categories used for?

"Personal Income" and "Personal Expense" are categories you can use to show cash going in and out of your company that is for personal use or otherwise not business related. Personal Income would be a cash infusion by you the owner to cover expenses if the revenue falls short. Personal expense would be like an owners draw.  Other situations where you might want to use these categories would be if you only have one bank account for both personal and business transactions and you’re importing this account into GoDaddy Bookkeeping.  Many of these transactions will not be business related but still be something you want to keep track of.

Anything marked as “Personal Income” or “Personal Expense” will show up in your category and Contact reports, but will not affect your profit/loss or your estimated tax calculations. 

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