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Frequent Contributor *

How to account for moving money out of business checking acct to business savings acct as a preemptive end of year/quarter tax payment

I want to move $1,000 from my business checking acct into my business savings acct, already did actually, as a way of setting money aside for end of year/quarter tax payments I will owe. How do I account for this in Quickbooks desktop? I had set up an "other" expense acct labeled "preemptive tax payments", but there is no way to later access those funds in QB to move back into business acct to then take draw and make payment. I would just take it as a member draw and leave it in my savings acct but would later have to delete that transaction when I move it back to pay taxes. Somethings not right with my approach. Please help. Thanks!

5 Comments
BRC
Established Community Backer ***

Re: How to account for moving money out of business checking acct to business savings acct as a preemptive end of year/quarter tax payment

Record a transfer between accounts.

Or, if you wrote a check, write a check and use the savings account in the detail area of the check.

Frequent Contributor *

Re: How to account for moving money out of business checking acct to business savings acct as a preemptive end of year/quarter tax payment

Thank you. I can't find where the transfer option is on QB desktop. I also have another question for anyone who might see this. Every time I post a question on here I receive a call within minutes from someone with a very strong accent saying they are with Quickbooks and pretty swiftly hang up. Is it normal for them to be calling me after I post a question on here? Thanks

QuickBooks Team

Re: How to account for moving money out of business checking acct to business savings acct as a p...

I'll show you where to find it, marvelglassllc.

 

To record a transfer, click the Banking menu at the top. From the drop-down, select the Transfer Funds option.

 

The QuickBooks Community is a public forum. That being said, we don't do outbound calls not unless the customer contacted us through chat and requested for a callback. Other than that, all the calls coming in are inbound.

 

To ensure the security of your account, I'd recommend contacting us. We'll review all the activities in your account including this incident where someone calls you. This way, we can check if a case has been documented and conduct a thorough investigation.

 

Here's how to get our contact number:

  1. Click Help at the top menu bar, or press F1 on your keyboard.
  2. Click the Contact Us link.
  3. Enter a brief description of your concern in the Ask a question box. This is to ensure you are routed to the right support expert.
  4. Click Continue.
  5. Choose an option on how you'd like to get in touch with us.

I appreciate you sharing this incident with us as this makes other users aware as well. Let me know if you need anything else.

Frequent Contributor *

Re: How to account for moving money out of business checking acct to business savings acct as a p...

Thank you. The inbound calls have happened several times. Every time as a matter of fact, that I have posted a question I have received a call.

BRC
Established Community Backer ***

Re: How to account for moving money out of business checking acct to business savings acct as a preemptive end of year/quarter tax payment

RE: I can't find where the transfer option is on QB desktop.

 

Banking | Transfer Funds