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March 5, 2021
Question

How might you categorize an external bank transfer then pull?

  • March 5, 2021
  • 1 reply
  • 0 views

In order to set up my business banking with an external bank, Chase had to transfer two small amounts (not from my bank account) and then make one ACH pull (of those two amounts combined). How would you categorize these in the bank feed? Are they expenses? Do I list Chase as a "customer" and they were charged then credited? What would you do? Thanks!

1 reply

Rustler
March 6, 2021

If the deposits and the pull back happen in the same statement, I just ignore them

 

Otherwise the deposit is other income, and the pull back is other expense