Hi there, heathers801.
I can help you with recording the deposit.
Transfers are recorded as an incoming deposit in QuickBooks Online. We can simply use the Bank deposit option to receive the deposit to your new account. Thou, I'd highly recommend consulting your accountant or tax professional to ensure that you record these transactions in the correct accounts based on your specific circumstances.
You can follow these steps in recording it:
- Click the + New icon.
- Select Bank Deposit.
- Choose the appropriate bank account the funds are going to.
- Enter the Date.
- In the Add funds to this deposit section, enter the name of your organization in the RECEIVED FROM column (optional).
- Select an Equity or a Liability account to reflect the funds coming into the business from the ACCOUNT column drop-down menu. (It's best to consult an accountant to be sure to select the correct account.)
- Enter the amount received in the AMOUNT column.
- Select the appropriate class.
- Click Save and close.
For more information about this process, you can visit this link: Transfer funds between companies.
I've also added an article that will guide you in keeping personal accounts out of the business: Mixing business and personal funds.
Feel comfortable to leave a comment below if you have any other concerns or questions about transferring funds. Have a pleasant day ahead.
