Moving Bank Accounts and Loans

WBJ Designs · ‎June 30, 2019

Hi there, I have moved bank accounts from Metro to a Lloyds Business Account, I've transferred money from on account to the other, how do I post that in Quickbooks? as it's a transfer of funds from one bank to another so I can close the Metro account. Also I had to loan myself (from personal account to self employed) money to pay for my web hosting bill. How do I post that in Quickbooks? also can I just repay myself without it affecting tax etc?

JessT · ‎June 30, 2019

Hi there, WBJ Designs!

If both accounts are connected to your QuickBooks Self-Employed, your transfers will show as an expense (money out) in the Metro account and an income (money in) in the Lloyds account. All you want to do is choose the Business type and categorise them as Transfers. Here's an article for additional reference: Transfers between accounts in QuickBooks Self-Employed.

If the accounts are not connected, you can manually add them to each account and categorise as Transfer. Please note that money in has no sign on the amount while money out has a negative sign on the amount.

With regards to adding personal funds for your business bills, you can also create money in with a Transfer category same as above. You will follow then same process I explained above. However, you'll want to select the Personal type so they will be included to your tax estimates. When you pay yourself back, create a money out transaction with a Transfer category and a Personal type.

If you have other questions, you can always go back to this thread.

View solution in original post

JessT · ‎June 30, 2019

Hi there, WBJ Designs!

If both accounts are connected to your QuickBooks Self-Employed, your transfers will show as an expense (money out) in the Metro account and an income (money in) in the Lloyds account. All you want to do is choose the Business type and categorise them as Transfers. Here's an article for additional reference: Transfers between accounts in QuickBooks Self-Employed.

If the accounts are not connected, you can manually add them to each account and categorise as Transfer. Please note that money in has no sign on the amount while money out has a negative sign on the amount.

With regards to adding personal funds for your business bills, you can also create money in with a Transfer category same as above. You will follow then same process I explained above. However, you'll want to select the Personal type so they will be included to your tax estimates. When you pay yourself back, create a money out transaction with a Transfer category and a Personal type.

If you have other questions, you can always go back to this thread.

WBJ Designs · ‎July 06, 2019

Thank you - That resolved it.

Is there any way to set financial year date? for some reason on my account its running from the 6th April 2018 to 5th April 2019 - When I want it from 1st April 2018 to 31st March 2019.

I don't see any option for this

Anonymous · ‎July 06, 2019

There's another way to filter the paid invoices, WBJ Designs,

We can do it by exporting all paid invoices to Excel. Then, customize it from there to view only the transactions from 1st April 2018 to 31st March 2019. There's currently no option to change the drop-down date range. Here's how:

On the Invoices page, click on the date drop-down and select All.
On the same page, click on the export icon below the Create invoice button.
Save the Excel report on your computer.
In the Excel sheet, filter the date.

Let us know if you have any questions. We're here to help.

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Moving Bank Accounts and Loans