How to account for Business profit as Income

Question

Hey folks.  Quicken Classic for Windows.   If I get a paycheck to my personal account, you might see a spilt transaction like this:

Income          1000

Tax                  -200

Health             -100

Deposit                     700

This would account for the tax expense as well as health insurance.

But business income (profit) can't work that way.  I can SEE the profit of 1200 by the report in Business section, but since it is not a single entry in the business account, how do I mark that as income?   Something like:

Profit / Income                      1200

Transfer to non-business acct  / Deposit                  1000

Left in Business Acct                                                   200

I want to see business profit and personal income as income on the spending reports.

Maybe being stupid, but I can't get everything to balance out.

Any help appreciated.

jclarke · Answer

I guess I should add that I don't want to business expenses in the (personal) spending reports…  I don't show the business account there.  I know if you did you'd see the gross receipts and the gross expenses.  I like to keep business and personal separated if at all possible treating business profit as income even though the draw is not that total income.

Hope that clarifies things.