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JohnJM
Level 1

How to properly log and move a transaction from business to personal

I received a personal loan and accidentally gave my business accounts number to the bank. So now I have $xx.xxx in my business account. How do I properly move it into my personal account in QB 2016 desktop?

Solved
Best answer May 02, 2019

Best Answers
Mark_R
QuickBooks Team

How to properly log and move a transaction from business to personal

Hello there, @JohnJM.

 

Let's use the Transfer feature to move your personal loan from your business to your personal account.

 

Just to clarify, is your personal account listed as a bank account in the Chart of Accounts? If so, we can just transfer the amount from your business account to personal account.

 

Here's how to transfer funds:

 

  1. Go to Banking.
  2. Select Transfer Funds.
  3. Choose the business account from the Transfer Fund From field.
  4. Select the personal account from the Transfer Funds To field.
  5. Enter the amount.
  6. Hit Save & Close.

Once completed, I'm confident that the amount will be transferred to your personal account.

 

But if the personal account is not listed in the Chart of Accounts, you'll need to create a check to remove the amount from your business account.

 

Let me guide you on how to create check:

 

  1. Go to Banking.
  2. Select Write Checks.
  3. In the Bank Account field, select your business account.
  4. In the Account column, enter the loan account.
  5. Enter the amount.
  6. Hit Save and Close.

Here's an article for your reference: Create, Modify, and Print Checks.

 

You might also want to read this article to learn more on how to track loans: QuickBooks Loan Manager.

 

That's it! Please let us know if you have any other questions with QuickBooks Desktop. We're always here to help.

View solution in original post

1 Comment 1
Mark_R
QuickBooks Team

How to properly log and move a transaction from business to personal

Hello there, @JohnJM.

 

Let's use the Transfer feature to move your personal loan from your business to your personal account.

 

Just to clarify, is your personal account listed as a bank account in the Chart of Accounts? If so, we can just transfer the amount from your business account to personal account.

 

Here's how to transfer funds:

 

  1. Go to Banking.
  2. Select Transfer Funds.
  3. Choose the business account from the Transfer Fund From field.
  4. Select the personal account from the Transfer Funds To field.
  5. Enter the amount.
  6. Hit Save & Close.

Once completed, I'm confident that the amount will be transferred to your personal account.

 

But if the personal account is not listed in the Chart of Accounts, you'll need to create a check to remove the amount from your business account.

 

Let me guide you on how to create check:

 

  1. Go to Banking.
  2. Select Write Checks.
  3. In the Bank Account field, select your business account.
  4. In the Account column, enter the loan account.
  5. Enter the amount.
  6. Hit Save and Close.

Here's an article for your reference: Create, Modify, and Print Checks.

 

You might also want to read this article to learn more on how to track loans: QuickBooks Loan Manager.

 

That's it! Please let us know if you have any other questions with QuickBooks Desktop. We're always here to help.

View solution in original post

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