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userbill
Level 4

Link my personal bank account for draws/payroll?

I have my business checking account linked, as well as my paypal account. Soon I'll need to transfer money to my personal checking account from the business for our first payroll. I'm not sure yet if I'll use Quickbooks payroll or just our accountant.

 

Regardless, how do I move money from QBO to my personal checking? I don't want to 'link' it because I'm worried that QBO will then start using those transactions for its analytics, etc (we also have the Quickbooks Cash checking account and are transitioning to using that and getting rid of our own business checking account).

 

We could just write a check from the business and photo-deposit it into our personal account, but I'd rather not deal with that, and just do an electronic transfer.

Solved
Best answer October 06, 2020

Best Answers
userbill
Level 4

Link my personal bank account for draws/payroll?

I found the answer to my question. In the cashflow overview page, there's a three-dot menu in the upper left of the Quickbooks Cash pane. Clicking that shows a Transfer Money option.  Choosing that allows one to set up an account that can be classified as "personal checking" in the drop-down menu, and provide the routing/account number.

 

I knew I had seen some place where you could link a 'personal' account. So I think this is the correct answer. Hopefully it doesn't suck the transactions into analytics, etc.

 

I have a ton of problems responding here due to it being in some weird logged on/not logged on state - the area by the flag turns blank, sometimes a black X next to it, seems like it thinks I'm logged on but my username doesn't show up, no "Hi, userbill." When I spend a lot of time replying, it's lost, just a blank reply page and the "post under review" text isn't there. I'm sure it's cookies being messed up, is there a solution other than continually deleting all qb cookies (which causes a ;mess)?

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11 Comments
AlcaeusF
Moderator

Link my personal bank account for draws/payroll?

Hello @userbill,

 

Thank you for posting here in the Community. Let me assist you with your payroll concern in QuickBooks Online.

 

You can use the Transfer feature to move funds from one account to another. If you don't want to link it through bank feeds, I recommend creating the personal account in the chart of accounts.

 

Here's how:

 

  1. Click the Gear icon in the upper-right corner.
  2. Select Chart of Accounts.
  3. Press New.
  4. Choose an account and detail type.
  5. Enter a name.
  6. Add the necessary information.
  7. Hit Save and Close.

To record the electronic transfer in QuickBooks, please follow these steps:

 

  1. Select + New.
  2. Under Other, select Transfer
  3. From the Transfer Funds From drop down list, select the bank account that the funds are coming out of.
  4. From the Transfer Funds To drop down list, select the bank account the funds are being deposited into.
  5. In the Transfer Amount field, enter the amount being transferred.
  6. Edit the Date.
  7. (Optional) Enter a description of the transfer in the Memo field.
  8. Select Save and close or Save and new.

For additional reference, I've attached a link you can use to learn more about the chart of accounts in QuickBooks: Understand the chart of accounts in QuickBooks.

 

Please let me know if you need anything else. The Community and I will be here to help you.

userbill
Level 4

Link my personal bank account for draws/payroll?

I just want to be able to move money from my quickbooks cash checking account to my personal checking account.

 

I don't want the contents of my personal transactions or other account info to be visible anywhere in quicken, and certainly not in the chart of accounts.

 

Can you describe how to do this?

AlexV
QuickBooks Team

Link my personal bank account for draws/payroll?

Good day, userbill.

 

Let me join this thread so I can share more details about transferring funds.

 

If you're using Quicken, it's best to reach their support so they can further assist you with it. Though, I can show you how to do it in QuickBooks Online.

 

We need to create first an account to represent your personal checking account. Then, we can use the Transfer feature to send money from your cash checking account. 

  1. Go to the Gear icon and select Chart of Accounts or Accounting tab, then Chart of Accounts.
  2. Click the New button and select Bank as the Account Type.
  3. Enter the details needed and press Save and Close.

Once done, here's how to transfer funds:

  1. From the +New button, select Transfer.
  2. Select your cash checking account from the Transfer Funds From drop-down. The Transfer Funds To must be the personal checking account you created.
  3. Enter all the required information, and click Save and close.

Need more reference? Check these articles:

Keep on posting if you need anything else. Wishing you all the best!

userbill
Level 4

Link my personal bank account for draws/payroll?

I've said a few times I don't want this personal checking account to show up in my chart of accounts. It feels like a lot of times here, people just do a cursory read/s/can of the post and post some stock set of steps that aren't answering the original question.

userbill
Level 4

Link my personal bank account for draws/payroll?

When I do that, the screen that appears (to add a new account) has language such as the below, which indicates this is for *business* checking accounts. I don't want QBO "tracking" my personal checking activity. I just want to transfer a draw or payroll deposit to myself. Shouldn't be this hard!

 

When do you want to start tracking your finances from this account in QuickBooks?

 

Use Checking accounts to track all your checking activity, including debit card transactions.
Each checking account your company has at a bank or other financial institution should have its own Checking type account in QuickBooks Online Essentials

Mark_R
QuickBooks Team

Link my personal bank account for draws/payroll?

I appreciate you getting back to us and providing additional details about your concern, @userbill.

 

Allow me to provide further information about transferring funds in QuickBooks.

 

QuickBooks Online (QBO) is for recording purposes only. Thus, transferring the funds directly from your business account to your personal account isn't available.

 

The steps shared by my colleagues above will guide you on how to record a transfer in QBO. When you transfer a draw or payroll deposit, you'll want to work it outside QBO.

 

For your future reference, you might want to check out this article to learn more about mixing business and personal funds in QBO: Mixing business and personal funds.

 

Keep in touch if you need any more assistance with this, or there's something else I can do for you. I've got your back. Have a good day.

userbill
Level 4

Link my personal bank account for draws/payroll?

The article again isn't related to my question. The article is about paying business expenses with personal credit or debt cards. I want to know how to transfer/deposit my draws, payroll net deposit, bonuses, into my personal checking without adding my personal checking into the chart of accounts or having QBO mess up the metrics/analytics by factoring in my personal stuff.

 

I'd also like to know how to link my business credit card. On the account details page for that card/account, there's no link button. Not on the chart of accounts or register either. The account is already in the chart of accounts, it came in when I imported my QB desktop info.

FritzF
Moderator

Link my personal bank account for draws/payroll?

Thanks for getting back to us, @userbill.

 

To use the Transfer feature in QuickBooks Online (QBO), you need to have an account where to transfer the funds to.

 

Since you don't want to add your personal checking account into the system, you can consider creating a clearing as a substitute. Then, use this account to move all your money.

 

Here's how to do it:

 

  1. In QBO, go to the Accounting menu at the left pane to get to the Chart of Accounts page.
  2. Click the New tab option at the top right. 
  3. Choose Bank for the Account Type. You may choose any detail type you want for your clearing account.
  4. Type in the Name for the clearing account.
  5. Leave the Balance blank, then hit Save and Close

 

Once done, you can now follow the steps shared by my colleagues above to move your draws, payroll net deposit, and bonuses. You can also consult your accountant or accounting professional for other ways on how to do it.

 

On the other hand, linking your business credit cards in the Chart of Accounts is currently unavailable in QBO. This only works for bank accounts.

 

You can directly connect it through the Banking page instead. For more information about the process, check out this article: Connect bank and credit card accounts to QuickBooks Online.

 

I also recommend visiting our Blog site. This is where we share recent happenings and future developments, such as updates to newly added features.

 

Please let me know if you have any other questions or concerns in the comment section below. I'll be here to help. Have a great day!

userbill
Level 4

Link my personal bank account for draws/payroll?

I found the answer to my question. In the cashflow overview page, there's a three-dot menu in the upper left of the Quickbooks Cash pane. Clicking that shows a Transfer Money option.  Choosing that allows one to set up an account that can be classified as "personal checking" in the drop-down menu, and provide the routing/account number.

 

I knew I had seen some place where you could link a 'personal' account. So I think this is the correct answer. Hopefully it doesn't suck the transactions into analytics, etc.

 

I have a ton of problems responding here due to it being in some weird logged on/not logged on state - the area by the flag turns blank, sometimes a black X next to it, seems like it thinks I'm logged on but my username doesn't show up, no "Hi, userbill." When I spend a lot of time replying, it's lost, just a blank reply page and the "post under review" text isn't there. I'm sure it's cookies being messed up, is there a solution other than continually deleting all qb cookies (which causes a ;mess)?

View solution in original post

FritzF
Moderator

Link my personal bank account for draws/payroll?

Hi again, @userbill.

 

I'm glad that you're able found a way to resolve this, and thanks for sharing it here in the Community. This will help other users who might have the same concern as yours.

 

You might want to check out this article to learn more about mixing business and personal funds in QBO for future reference: Mixing business and personal funds.

 

As per your other concern, this odd behavior could be caused by frequently accessed page resources (cache and cookies) in the browser that you're using. Since clearing it with help fix the issue, I suggest you continue doing it as a workaround. However, if the same thing happens, try using other supported browsers.

 

Please leave a comment in this thread if you have any other questions, and I'll get back to you as quickly as possible. I'm more than happy to answer them. Have a good one!

userbill
Level 4

Link my personal bank account for draws/payroll?

Again, the mixing personal and business accounts article that has been proposed here a few times is not relevant to this situation. It's about buying things, expenses, with your personal credit or debit card.

 

Continually deleting all my cookies is very disruptive and tedious, and not a solution to this login/sign on problem.

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