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conservatoryrepa
Level 1

As a small business I sometimes have to transfer money from my joint personal savings account into my business bank to buy materials, how would I record in quick books?

 
1 REPLY 1
MichaelaS
QuickBooks Team

As a small business I sometimes have to transfer money from my joint personal savings account into my business bank to buy materials, how would I record in quick books?

Let's work together to record your joint personal savings to your business bank account.

 

 Here's how you enter it in QuickBooks:

 

  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. Choose the Partner's equity or Owner's equity on the second line.
  6. Select the purchase amount under the Credits column.
  7. When done, press Save and close.

 

After, you then follow step 2: Decide how you want to reimburse the moneyPay for business expenses with personal funds.

 

Please note that merging your personal and business accounts is not advisable. Also, you can use the transfer method to record transactions if you have added your personal account to QuickBooks.

 

Additionally, I recommend checking this article to guide you in recording contributions and investments: Record capital investment to track money going to your business.

 

Please let us know if you have other queries about recording your personal and business savings. I'm here to help. Have a good one.

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