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chelseafurnell89
March 1, 2021
Question

accepted e transfers into personal account how do i record this income?

  • March 1, 2021
  • 1 reply
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I'm very new too this and in the beginning there was no business bank account so all my e transfer payments I would receive would go into the personal account.. now i have a business account linked and my future e transfers will go directly into my business account, but as for my previous payments I received  thorough E transfer into my personal bank account and since i cant link my personal acct how do i input those payments that were deposited into personal bank account via e transfer in quickbooks online

1 reply

L
LauraAB
March 1, 2021

Hi chelseafurnell89,

 

Starting a business is an exciting time, and I know how at first it may mean using accounts other than a business account to record your income and expenses. Making sure that they're recorded and accounted for in your books is ideal for smooth bookkeeping and remittances later on, so I want to ensure you get the details you need for how to handle this in QuickBooks Online.

 

My biggest recommendation for your situation is to reach out to an accounting or bookkeeping professional for assistance with this. An accountant in particular will have the knowledge and skills to know how to create entries that demonstrate why funds for the business were a part of your personal account. It could be that you'll be looking at a process similar to what's outlined in our article Mixing business and personal funds, which goes over the mix of these funds from an expense point of view. However, to make sure you're taking the correct steps for the income, please consult an accountant or bookkeeper.

 

One of the beauties of QuickBooks Online is being able to connect with an accountant right in the program using the My Accountant tab. Whether you've already got an accountant you're working with or would like to find one, that tab can get you set up. There's a field where you can invite your accountant as a user or you can use the Find a pro to help button to see our database of accountants knowledgeable in QuickBooks. Once you have an accountant working with you in QuickBooks, they'll have the access and tools needed to help you out.

 

You may also get responses from other users in the community forum sharing their thoughts and advice, but it never hurts to double-check with an accountant who can review your books and completely understand your situation to make sure you've got the right steps.

 

Wishing you the best with this situation and as your business continues to grow!

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