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A
Acct42MB
June 5, 2021
Question

Record and set up an account in chart of accounts for a deposit

  • June 5, 2021
  • 1 reply
  • 0 views

How do I properly record a deposit into business checking that is linked to QB.  The money that was transferred in came from another business savings that is not linked to QB.  Not sure how to set up an account in chart of accounts to properly record it.

I also need to know how to properly record a deposit that was made to business checking for money that came from an operating loan for the business.

New at this an learning a lot.

 

Thank you!!!

1 reply

Kristine Mae
Kristine Mae
June 5, 2021

Let me help you with recording the transactions, 2BMB2019.

 

We'll go over the first one. First, you'll have to create a business checking account that you can use for the deposit transaction. Next, record the deposit and ensure you've added it to the bank account you just added. 

 

Also, I suggest conferring with your accountant on the best way to categorize the deposit.

 

Regarding the loan, first, we'll have to set up a liability account to record what you owe. Next, record or deposit the money you got from the loan. Lastly, once you're ready to pay back the loan, you'll have to record the transaction as well. For the detailed steps, feel free to check this article: Set up a loan in QuickBooks Online.

 

We'll be around if you need more of our help. Don't hesitate to leave a comment below. Take care!

A
Acct42MBAuthor
June 5, 2021

Thanks for the reply.  I appreciate it.   sounds like I have a lot of cleaning up to do.  I was recording the loan payments as expenses when they were paid.  I'm going to have to start over and set it up as a liability

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