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BucksHoney
January 4, 2023
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Transfer from cashbox to linked bank account via personal account

  • January 4, 2023
  • 1 reply
  • 0 views

Hi everyone,

I have a question about how to correctly log transactions and transfers when moving cash from my quickbooks cashbox coa to a linked bank coa.

I know I can just do a transfer but this doesn't work in my case.

The problem I have is that I physically take cash from my cash box and then pay it back to the business by making a transfer from my personal bank account into my business bank account (saves me going to the bank to deposit the cash). So in quickbooks my linked bank coa shows a transaction in from an outside source and so I can't make a transfer from my quickbooks cashbox as it would double the money in my linked bank account coa.

I currently transfer the money out of the cashbox by just making a transaction but this then doesn't show any link to the amount going into my linked bank coa.

Is there a better way to do this so I can track that the money going out from cashbox has been repaid into my business bank account?

Best answer by BucksHoney

thanks for the reply. I found that I can just change the automatic transaction from the linked business account into a transfer from my cashbox and everything adds up.

1 reply

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GeorgiaC
January 4, 2023

Hi BucksHoney, thanks for your post. If you are wanting to show that the cash taken as money owed to the business then you could create a dummy liability account in the coa to transfer funds from the cash account to, and then a separate transfer from the liability account to the business bank account when this is re-paid. As liability accounts impact the balance sheet. you it's recommended to consult an accountant before creating this. Alternately, if you usually take money from the cash account and re-pay on the same day via the personal account, you could enter a direct transfer between the cash and bank account (if the amount is the same, a match will appear to the transfer on the banking page to prevent duplication of the deposit entry in the business account). 

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BucksHoneyAuthorAnswer
January 10, 2023

thanks for the reply. I found that I can just change the automatic transaction from the linked business account into a transfer from my cashbox and everything adds up.

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