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Hi accessorypocket,
Thanks for joining us here on the Community :waving_hand:
The most likely reason for this is when a VAT code for sales, e.g. No VAT (sales) has been selected on the transaction when adding directly from the For-Review tab.
To fix this, undo the transaction from the 'Reviewed' tab in Banking, then manually record a deposit following the steps below:
1) Go to + New > Bank deposit
2) Enter the bank account the money was deposited to under Account
3) Select the date this money was received
4) Set the 'Amounts are' dropdown to 'No VAT'
5) Under 'Add funds to this deposit' select the Directors Loan/Liability account under Account
6) Enter the amount then save & close
You'll then be able to match this to the transaction in your bank, and it will be no longer impacting the sales.
Thanks
Hi accessorypocket,
Thanks for joining us here on the Community :waving_hand:
The most likely reason for this is when a VAT code for sales, e.g. No VAT (sales) has been selected on the transaction when adding directly from the For-Review tab.
To fix this, undo the transaction from the 'Reviewed' tab in Banking, then manually record a deposit following the steps below:
1) Go to + New > Bank deposit
2) Enter the bank account the money was deposited to under Account
3) Select the date this money was received
4) Set the 'Amounts are' dropdown to 'No VAT'
5) Under 'Add funds to this deposit' select the Directors Loan/Liability account under Account
6) Enter the amount then save & close
You'll then be able to match this to the transaction in your bank, and it will be no longer impacting the sales.
Thanks
Hi GeorgiaC
I am brand new to this - I had this same question and followed your steps.
Following another thread on Director's Loan payments I had also added the payment into the business account as a journal entry, is this correct?
If I pay funds into the business account from my personal account I should add it as a new bank deposit, reconcile the bank transaction against it (per your steps), and then add a new journal entry?
Thanks
Hello there, @MatthewH1.
I've come to lend a hand in recording your transactions in QuickBooks Online (QBO).
There are times that we happen to mix business and personal funds. Yes, you're right to record it as a journal entry. I'll provide steps to record this in QBO.
Here's how:
Once done, reimburse the money used by the business. You can record it as a cheque or an expense. You can visit this article for thorough instructions: Pay for business expenses with personal funds.
This reference can guide you further if you also pay for personal expenses from a business account: Pay for personal expenses from a business credit card or bank account in QuickBooks Online.
Please let me know if you need clarification about handling your personal and business funds or if there's anything else I can do for you. I'll be standing by for your response. Stay safe always.
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