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BucksHoney
Level 2

Transfer from cashbox to linked bank account via personal account

Hi everyone,

I have a question about how to correctly log transactions and transfers when moving cash from my quickbooks cashbox coa to a linked bank coa.

I know I can just do a transfer but this doesn't work in my case.

The problem I have is that I physically take cash from my cash box and then pay it back to the business by making a transfer from my personal bank account into my business bank account (saves me going to the bank to deposit the cash). So in quickbooks my linked bank coa shows a transaction in from an outside source and so I can't make a transfer from my quickbooks cashbox as it would double the money in my linked bank account coa.

I currently transfer the money out of the cashbox by just making a transaction but this then doesn't show any link to the amount going into my linked bank coa.

Is there a better way to do this so I can track that the money going out from cashbox has been repaid into my business bank account?

Solved
Best answer January 10, 2023

Accepted Solutions
BucksHoney
Level 2

Transfer from cashbox to linked bank account via personal account

thanks for the reply. I found that I can just change the automatic transaction from the linked business account into a transfer from my cashbox and everything adds up.

View solution in original post

2 REPLIES 2
GeorgiaC
QuickBooks Team

Transfer from cashbox to linked bank account via personal account

Hi BucksHoney, thanks for your post. If you are wanting to show that the cash taken as money owed to the business then you could create a dummy liability account in the coa to transfer funds from the cash account to, and then a separate transfer from the liability account to the business bank account when this is re-paid. As liability accounts impact the balance sheet. you it's recommended to consult an accountant before creating this. Alternately, if you usually take money from the cash account and re-pay on the same day via the personal account, you could enter a direct transfer between the cash and bank account (if the amount is the same, a match will appear to the transfer on the banking page to prevent duplication of the deposit entry in the business account). 

BucksHoney
Level 2

Transfer from cashbox to linked bank account via personal account

thanks for the reply. I found that I can just change the automatic transaction from the linked business account into a transfer from my cashbox and everything adds up.

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