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Ugur01
April 4, 2024
Question

Deposited a company income by mistake into the personal bank account, how do I deal with this?

  • April 4, 2024
  • 1 reply
  • 0 views

Hi,

 

Company income was sent to the company owner's bank account by mistake. How can we fix this situation? Is this a problem? Should the company owner send the relevant money to the company account?

 

Best. 

1 reply

S
ShyMae
April 4, 2024

Hello there, Ugur01. I'm here to help you with the income deposits that were accidentally made to your personal account instead of your business account. 

 

It doesn't necessarily indicate a problem, but it's essential to track your income properly. Therefore, you'll need to send the money to the business bank account. 

 

Meanwhile, we'll need to create a dummy personal bank account in QuickBooks to transfer the funds from and to for proper reconciliation. 

 

To create a dummy personal bank account:

 

  1. Hover over the Gear icon and select Chart of accounts.
  2. Click New, then set the Account Type to Cash at bank and in hand.
  3. Hit Save and Close. 

 

Now that we've added a dummy bank account, we can transfer the income:

 

  1. Hover over to +New, then select Transfer.
  2. In the Transfer Funds From, choose the personal bank account.
  3. In the Transfer Funds To, choose the company bank account. 
  4. Input the correct date and transfer amount.
  5. Once done, hit Save and close. 

 

Now you can make the dummy personal account inactive since the balance will now be 0.00. 

I'll be adding these resources as a guide in handling your transaction in QuickBooks Online:

 

 

I'm always here if you need more help with your income deposit and transactions. You can leave a comment down below. Have a good one! 

U
Ugur01Author
April 5, 2024

Thank you, 

 

But there are only company bank accounts on the Quickbooks Online. When I transfer from my personal bank account to the company bank account, how can I record this amount in accounting terms? 

 

Best. 

A
Anonymous
April 5, 2024

Thanks for getting back to this thread @Ugur01.

 

 I understand how important it is to transfer the money from your personal bank account to the company's bank account. Let me help you sort this thing out.

 

We'd recommend checking with your accountant if you're unsure which specific accounts to use, but you can create a liability-type account within your Chart of Accounts to track the loan if you have one.

 

To record the personal bank account to the company bank account here's how:

 

  1. Go to the + New menu.
  2. Select Journal entry.
  3. Enter the expense account for the purchase on the first line. 
  4. Type in the purchase amount under the Debits column.
  5. Enter Partner's equity or Owner's equity on the second line.
  6. Type in the same purchase amount under the Credits column.
  7. When done, press Save and close.

 

I also suggest you take your time and view this article: Track personal money or investments to your business. In case you make investments to your company from a personal account.

 

Additionally, you may want to review this article to learn how to set up bank rules to categorize online banking transactions in QuickBooks Online: Set up bank rules to categorise online banking transactions in QuickBooks Online.

 

Let me know if you have other banking concerns or inquiries about managing your bank transactions in QuickBooks Online. I'm just around to help. Take care always.

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