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Hi,
Company income was sent to the company owner's bank account by mistake. How can we fix this situation? Is this a problem? Should the company owner send the relevant money to the company account?
Best.
Hello there, Ugur01. I'm here to help you with the income deposits that were accidentally made to your personal account instead of your business account.
It doesn't necessarily indicate a problem, but it's essential to track your income properly. Therefore, you'll need to send the money to the business bank account.
Meanwhile, we'll need to create a dummy personal bank account in QuickBooks to transfer the funds from and to for proper reconciliation.
To create a dummy personal bank account:
Now that we've added a dummy bank account, we can transfer the income:
Now you can make the dummy personal account inactive since the balance will now be 0.00.
I'll be adding these resources as a guide in handling your transaction in QuickBooks Online:
I'm always here if you need more help with your income deposit and transactions. You can leave a comment down below. Have a good one!
Thank you,
But there are only company bank accounts on the Quickbooks Online. When I transfer from my personal bank account to the company bank account, how can I record this amount in accounting terms?
Best.
Thanks for getting back to this thread @Ugur01.
I understand how important it is to transfer the money from your personal bank account to the company's bank account. Let me help you sort this thing out.
We'd recommend checking with your accountant if you're unsure which specific accounts to use, but you can create a liability-type account within your Chart of Accounts to track the loan if you have one.
To record the personal bank account to the company bank account here's how:
I also suggest you take your time and view this article: Track personal money or investments to your business. In case you make investments to your company from a personal account.
Additionally, you may want to review this article to learn how to set up bank rules to categorize online banking transactions in QuickBooks Online: Set up bank rules to categorise online banking transactions in QuickBooks Online.
Let me know if you have other banking concerns or inquiries about managing your bank transactions in QuickBooks Online. I'm just around to help. Take care always.
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