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craig7126
January 31, 2021
Question

When I do a transfer into my personal account and it shows up in the banking section. How do I record that? When I send it to owners equity it shows a negative

  • January 31, 2021
  • 1 reply
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1 reply

Rebecca R
Rebecca R
February 1, 2021

Hey there craig7126 and welcome to the QuickBooks Community,

 

It sounds like you're transferring business funds to your personal bank account, to cover expenses purchased with personal funds perhaps. Knowing how to properly record these transactions in QuickBooks is a crucial part of the bookkeeping process. Let me point you in the right direction.

 

There are a few different ways that you could choose to record this money movement. You can add yourself as a supplier and create a bill or expense to account for it, you could exclude the transaction from the banking feed by selecting it and hitting Exclude, you can record a journal entry that'll allow for a match in the bank feed, and I'm sure there are still more options available. The best course of action here is to reach out to an accounting professional. When it comes to knowing how to most accurately record money movement that represents a mixing of business and personal expenditures, an accountant knows best.

 

Recording the amount as an expense to your owner's equity account is a viable option, and it will show as a negative as it's an expense against your business, and personal income. There are steps on how to do this, as well as some other ways you can record business expenses using personal funds in the articles below:

 

 

If you're already working with an accountant and you'd like to give them access to your books to help you out with this, navigate to the My Accountant tab where you can send them an invite. The same page features the Find a pro to help button, which is what you should hit if you're looking to connect with a QuickBooks-certified accountant, known as a ProAdvisor. We have a huge database of accounting professionals that are ready and willing to assist you.

 

I'm here to help if you have any technical questions related to QuickBooks Online. Have a great day!

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