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Record it as Owner Contribution - equity increase. Just like any personal money you provide the business.If you turn around and transfer it to personal checking (and you should) it will be Owner Draw.
I have the same issue. Right now the child tax credit is sitting in QBO ready to be deposited into my QBO checking register. I have to assign a category to deposit it. I have an owner draw (equity) account I will assign the transfer to when I transfer the money from the checking account to the owner's personal bank account, but what account do I assign the incoming transaction to that is waiting to be deposited in the business QBO register. Do I create a new "Owner Contributions" equity account or deposit it into the owner's draw account? Thanks for your help!
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