Record transfer to wrong account

Handling two companies can be tricky, @LD2.

I can provide some details on how to record these transactions without reflecting them as an expense or income in your report.

You can create a Journal Entry (JE) to record these transactions without posting it as income and expense in your Profit & Loss report. I'll show you how.

Before we begin, I'd suggest working with your accountant or visit our ProAdvisor page if you're not affiliated with one. This way, you'll be guided on what accounts to debit and credit and prevent messing up your books.

When ready, you can proceed to these steps:

1. Go to the + New menu in your QuickBooks Online (QBO) account.
2. Click Journal entry.
3. From the first line, select an account from the Account field. Depending on if you need to debit or credit the account, enter the amount in the correct column.
4. On the next line, select the other account you're moving money to or from and enter the same amount in the opposite column.
5. Ensure you have the same amount in the Credit and the Debit column to balance the account.
6. Enter a piece of information in the Memo section to know why you made the journal entry. 
7. Then click Save or Save and new.

You can also see this article for more details: Create a journal entry in QuickBooks Online.

Let me also add this link that you can read for additional guidance in moving funds between two companies: Transfer funds between companies.

Once you're all set, you might want to ensure you're accounts are well accounted for. To be guided, feel free to check out this resource: Reconcile an account in QuickBooks Online.

You can always get back to me if you need more help about transferring funds in QBO. I'll be here ready to back you up.