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adelarks
March 1, 2023

Payment by client into personal account by mistake

  • March 1, 2023
  • 1 reply
  • 0 views

Two of my clients, despite sending them new account details for my business bank account have paid me into my personal account (used to be sole trader) If i transfer all the money into my business account how would I account for this the right way in QBs so it's all done properly and matches up with invoices i have sent through QBs.

 

Thanks for your help!

1 reply

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Ashleigh1
March 2, 2023

Hello Adelarks, 

 

Welcome to the Community page, 

 

So you can set up the personal account in your QBO account in the chart of accounts section but not attach it as in link the actual bank account with it. And then record a bank transfer to that account or you have to record a transfer to the directors equity account or if it has come into the business bank account the long way around via your personal bank account you can just match it to the open invoices as it will be a deposit and then forget about the bank transfer from the personal bank account. 

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Lucy0202
May 1, 2024

Hello - I am having the same issue. My client sent payment to my personal account and I need to send the payment to my business account, so I can run payroll. Can you please separate these options so they are not one run on sentence? 

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Erika_K
May 1, 2024

Thank you for joining this thread, Lucy0202. Let me chime in and clarify things for you so you can send the payment from your personal account to your Business Account. 

 

When you move money from one account to another, you need to record the transaction as a transfer in QuickBooks. You can create a transfer between two accounts using any of the following:

 

  • Transfer
  • Cheque
  • Matching imported bank transactions* (only applicable if you have one or more connected banks)
  • Journal Entry (Consult with your accountant)


If you haven't yet imported the transaction from your bank, the easiest way to record a transfer of funds is to use the Transfer feature in QuickBooks. If you haven't imported the transaction from your bank, you can easily record a transfer of funds using QuickBooks' Transfer feature.

 

Here's how: 

 

  1. Go to the + New button.
  2. Under the Other column, choose Transfer. 
  3. From the Transfer Funds From the dropdown list, select the bank account that the money is coming from.
  4. From the Transfer Funds To dropdown list, choose the bank account that the money is going to.
  5. In the Transfer Amount field, enter the amount being transferred.
  6. Modify the Date field.
  7. Enter a description of the transfer in the Memo field (optional).
  8. Click Save and close or Save and new to complete the transfer.

You can find the recorded transfer by opening the account register for each account in the Chart of Accounts. However, if you used a cheque, you can utilize this article for the detailed steps to record this: Transfer funds between accounts.

 

Please feel free to ask any additional questions you may have, Lucy0202. I'm committed to providing the information and guidance you need to manage your payment in QuickBooks effectively. 

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