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February 12, 2022
Question

Should I mark a deposit into my personal account from my business account as a transfer? Should the transfer from the business account be an expense?

  • February 12, 2022
  • 1 reply
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1 reply

Angelyn_T
February 12, 2022

Hi there, @ccmcnicoll. It's my priority to help you with categorizing your business and personal entries in QuickBooks Self-Employed (QBSE).

 

If you see records of the money moving to and from an account, then categorize the entries as Transfers. When you move money between your checking and savings accounts, you will see an expense, which is the money leaving from, and an income transaction, which is that same amount being deposited.

 

Therefore, yes, you can mark the deposit into your personal account from the business account as Transfer, and the transfer from the business account is an expense entry. 

 

For more tips about handling money transfers in QBSE, you can review these links:

 

 

Just in case you need further assistance with categorizing your transactions, you may also seek help from an accounting expert about this matter. They are the ones who can assist you further with in-depth accountings and keep your books in place.

 

If your bank isn't connected with QBSE and needs help with adding your entries manually, use this article as your reference: Manually add transactions in QuickBooks Self-Employed. From there, you can also learn on how to You can also learn how to create new transactions directly from images of your receipt.

 

Please keep in touch if you need more help with your personal or business transactions. I'm determined to get this fixed for you. Have a great day!