Journal Entry or Cash Deposit Entry from Director's personal fund to company's bank account.

fusé-Osaka · ‎February 20, 2021

Hi,

I need an advice on Director's Loan Account, please.

While I was reconciling my bank transactions, I noticed some of cash deposits from myself/director's personal fund to my business bank accounts ware entered as "Deposit" to match bank feeds.

But others were sorted out by Journal Entries.

Is it okay to leave them as they are or do I need to change all "Deposit" entry to Journal entry?

I use QBO in UK, but I'm asking this in USA site as I couldn't get any advice on that site.

I appreciate if someone can advice me on this.

Rea_M · ‎February 21, 2021

Hello there, @fusé-Osaka.

It seems that you've posted your concern twice. We'll post the answer here as well as your other post.

You can leave them as deposits. As long as the transactions are correctly categorised, there is no need to change anything.

I'll share this article to help you with reviewing the downloaded transactions: Categorise and match online bank transactions in QuickBooks Online,

As always, we suggest conferring with your accountant to help you with checking the categorisation.

Please know that you're always welcome to post again here in the Community if you need assistance in managing your QBO account and transactions. Take care always.

View solution in original post

Rea_M · ‎February 21, 2021

Hello there, @fusé-Osaka.

It seems that you've posted your concern twice. We'll post the answer here as well as your other post.

You can leave them as deposits. As long as the transactions are correctly categorised, there is no need to change anything.

I'll share this article to help you with reviewing the downloaded transactions: Categorise and match online bank transactions in QuickBooks Online,

As always, we suggest conferring with your accountant to help you with checking the categorisation.

Please know that you're always welcome to post again here in the Community if you need assistance in managing your QBO account and transactions. Take care always.

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