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July 8, 2022
Question

How do I record a transfer from my wife that accidentally went into my business bank account, which I subsequently sent back to her?

  • July 8, 2022
  • 1 reply
  • 0 views
Both are on my books but I don't want them to impact profit and loss or tax owed.

1 reply

katherinejoyceO
July 8, 2022

Hello there, @Adam 75.

 

I've got you the steps to guide you in transfering funds to your wife's account. 

 

To do this, let's write a check or expense coming out of the company. Here's how:

 

  1. Select + New, then select either Check or Expense.
  2. Select the bank account the funds are coming from.
  3. Enter the PayeePayment Date, and the Payment Method (optional).
  4. Under Category details, in the Category column, select an Asset or an Equity account to reflect the funds going out of the business. 
  5. Enter the amount of the transfer in the Amount column, then click Save and close.

 

It's also best to consult an accountant or tax proferssionals for guidance in choosing the correct account to make sure your books are accurate.

 

For future reference, check out these articles to learn about the different ways in recording transfer transactions in QuickBooks: 

 

 

I'm always around here to help you again in case you need some more. Take care!