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Maki Hirata
Level 1

How to categorize a duplicated transfer back to my personal account?

Hi!
New to QB and need help!
I transferred $800 from my personal bank account to my business account, and later realized $230 of the $800 had already been transferred before, so I transferred $230 back to my personal account at later date. How do I categorize the $230 transaction (expense) so $230 is not considered as income twice? 

Thank you!

 

Solved
Best answer February 29, 2024

Best Answers
GlinetteC
Moderator

How to categorize a duplicated transfer back to my personal account?

Welcome to QuickBooks Online! We're thrilled to have you on board, Maki.

 

I've got the steps needed to ensure the transaction isn't recorded as income twice.

 

QuickBooks Online offers two options for this. You can record the reimbursement as a Check or as an Expense. I'll guide you through the process.

 

To record as a check:

 

  1. Click + New and select Check.
  2. Choose a bank account to reimburse the personal funds.
  3. In the Category column, select Partner's equity or Owner's equity.
  4. Enter the amount.
  5.  Click on Save and close.

 

To record as an expense:

 

  1. Click + New and select Expense.
  2. Select a bank account to use to reimburse the personal funds.
  3. In the Category column, select Partner's equity or Owner's equity.
  4. Enter the amount.
  5. Click on Save and close.

 

I'm sharing this article to gain information on handling business and personal funds in QuickBooks: Mixing business and personal funds in QuickBooks Online.

 

Further, you can reconcile the account to ensure the accuracy of your transactions entered into QBO matches the bank statement and accurate representation of the company's position.

 

The Community is always ready to assist if you need more help with proper recording in QuickBooks or any other questions you may have.

View solution in original post

3 Comments 3
GlinetteC
Moderator

How to categorize a duplicated transfer back to my personal account?

Welcome to QuickBooks Online! We're thrilled to have you on board, Maki.

 

I've got the steps needed to ensure the transaction isn't recorded as income twice.

 

QuickBooks Online offers two options for this. You can record the reimbursement as a Check or as an Expense. I'll guide you through the process.

 

To record as a check:

 

  1. Click + New and select Check.
  2. Choose a bank account to reimburse the personal funds.
  3. In the Category column, select Partner's equity or Owner's equity.
  4. Enter the amount.
  5.  Click on Save and close.

 

To record as an expense:

 

  1. Click + New and select Expense.
  2. Select a bank account to use to reimburse the personal funds.
  3. In the Category column, select Partner's equity or Owner's equity.
  4. Enter the amount.
  5. Click on Save and close.

 

I'm sharing this article to gain information on handling business and personal funds in QuickBooks: Mixing business and personal funds in QuickBooks Online.

 

Further, you can reconcile the account to ensure the accuracy of your transactions entered into QBO matches the bank statement and accurate representation of the company's position.

 

The Community is always ready to assist if you need more help with proper recording in QuickBooks or any other questions you may have.

Maki Hirata
Level 1

How to categorize a duplicated transfer back to my personal account?

Thank you so much for your help! Now I'm ready to get all the numbers for my Schedule C! 

Maki 

JaeAnnC
QuickBooks Team

How to categorize a duplicated transfer back to my personal account?

I appreciate you getting back to us, Maki.

 

We're happy to hear that the resolution shared by my colleague above was able to help you categorize the expense transaction in your QuickBooks Online (QBO) account. If you have additional questions relating to QBO, please don't hesitate to post them in the Community space, and we'll promptly respond to assist you.

 

Stay safe, and have a great rest of the day!

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