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October 18, 2020
Question

What do I select as the 'transfer account' for deposits made into a separate business account solely for the purpose of paying taxes?

  • October 18, 2020
  • 1 reply
  • 0 views
I'm on the desktop version - under TRANSACTIONS. The Quickbooks is defaulting to 'Owner's Investment'. Is this the correct option for a bank transfer to account for taxes?

1 reply

Level 6
October 19, 2020

Hello,

 

If you have a separate bank account setup strictly for holding money tp pay taxes, then setup that account in QBO as well as another bank account and then record the transfer from your operating account to the tax savings account.

 

Whatever you are doing in real life, mimic that in QBO.