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siva2
Level 1

I'm the president of company, and to cover payrolls, i have deposited money into my company account, how do i reconcile this transaction.

In other words reconcile a transfer from my personal account to company account.
2 Comments 2
MaryLandT
Moderator

I'm the president of company, and to cover payrolls, i have deposited money into my company account, how do i reconcile this transaction.

Good day to you, siva2.

 

I'm here to help record the money deposited from your personal account to the company account in QuickBooks Online (QBO).

 

QBO allows you to use the Transfer feature to move funds between two accounts. Let me show you how:

  1. Click + New.
  2. Under Other, select Transfer.
  3. From the Transfer Funds From drop-down list, select your personal account.
  4. From the Transfer Funds To drop-down list, select the company account.
  5. In the Transfer Amount field, enter the amount being transferred.
    transferfeature.PNG
  6. Edit the Date.
  7. (Optional) Enter a description of the transfer in the Memo field.
  8. Select Save and close.

Aside from that, you can also create a transfer using Check, Import Bank Transaction, or Journal Entry features to move your funds. For more details, feel free to read through this article: Transfer funds between accounts.

 

I'm adding a video tutorial to manage your bank accounts in QuickBooks Online.

 

Let me know if there's anything else you need. I'm always right here to help.

Rustler
Level 15

I'm the president of company, and to cover payrolls, i have deposited money into my company account, how do i reconcile this transaction.


@siva2 wrote:
In other words reconcile a transfer from my personal account to company account.

Ignore the advice given by @MaryLandT , personal accounts are never mixed with business accounting

 

If your company is taxed as a sole proprietor or a partnership, deposit the funds and use owner/partner equity investment as the source account for the deposit

 

if your company is taxed as a c- or s-corporation, create a liability account in your name and use that account as the source account for the deposit. It will have to be repaid at some future date

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