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In a bind to cover a check we forgot was going through, we had to transfer personal funds to our business account. We'll be transferring those funds back to our personal account once everything is in the clear. I don't want to have it be recorded as an "owner draw" since we were just letting the company "borrow" the money. How do I record this transaction?
(I use Desktop Pro)
Solved! Go to Solution.
I'll help you record this transfer transaction, @NatPB.
In your case, you can record it as a transfer since you'll be transferring those back to your personal account once everything is clear. This feature is for your virtual record to transfer funds from one account to another account.
Here's how:
However, if your personal account isn't connected, I'd suggest using a clearing account to temporarily put the funds from there. With this, you can create a journal entry to move funds from one account to another account. I'd also recommend consulting an accountant to keep your accounting data accurate.
Here's how to set up a clearing account:
You can reference this article for more details on how to manage debits and credits in a journal entry: Create a journal entry in QuickBooks Desktop for Windows or Mac.
Please let me know if you have other concerns with recording banking transactions in QuickBooks. Anytime I can help. Stay safe!
I'll help you record this transfer transaction, @NatPB.
In your case, you can record it as a transfer since you'll be transferring those back to your personal account once everything is clear. This feature is for your virtual record to transfer funds from one account to another account.
Here's how:
However, if your personal account isn't connected, I'd suggest using a clearing account to temporarily put the funds from there. With this, you can create a journal entry to move funds from one account to another account. I'd also recommend consulting an accountant to keep your accounting data accurate.
Here's how to set up a clearing account:
You can reference this article for more details on how to manage debits and credits in a journal entry: Create a journal entry in QuickBooks Desktop for Windows or Mac.
Please let me know if you have other concerns with recording banking transactions in QuickBooks. Anytime I can help. Stay safe!
I think this should do it but I’ll double check it with my accountant, like you suggested. Thanks for your help!
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