If transferring money into a business account for the first time from a personal bank account for startup, how should the transaction be categorised inside quickbooks?

Hi Contact365

Usually, you would show this under open balance equity as it is the start-up balance.

You can create a bank deposit to show this and allocate it to the opening balance equity account as well on the other side of the accounting, the bank account.

1.Select the + symbol in the top left and then bank deposit

2. Make sure date is the date you want the balance to be as of

3. Make sure deposit to is the correct bank

4. In add funds to this deposit you do not have to fill in payee unless you want to but you need to make sure you select opening balance equity in the account part(it may also be called retained profits balance forward. If you do not see it if you add new>look for equity >then in detail type you will see either opening balance equity or retained profits balance forward>save)

5. Enter amount save and close

You can also do this as a journal entry

Any queries just reply back here

Thanks