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January 21, 2022
Question

Transferring money from business checking to business savings

  • January 21, 2022
  • 1 reply
  • 0 views

I'll make it short. Operating the first year as Single-Member LLC.

 

Throughout the year I transferred money from my business checking to my business savings as a way to "save" for whatever year-end expenses. Now on QBO, I have transactions to add, for those transfers but where do I put them? Do I have to link up my business savings account? The money is still there just transferred over to another account within the same business. Any help would be appreciated!

1 reply

January 21, 2022

Hello,

 

Yes you need to add the business savings account also.

 

It is still considered a business asset account and needs to be tracked on your balance sheet.