Hello everyone. I had a question. So I have my own business and I am the sole owner, so its considered a sole proprietor. Anyways, so I noticed you can transfer funds in the quickbooks app/browser, and was wondering if its a good idea to transfer funds to my personal account from there? Usually I just go to the ATM and withdraw from the business account and just deposit into my own personal. Just wondering if that's okay, or if that will really screw me up when it comes to taxes or anything really. I'm new to running a business. Any help would be super helpful and appreciated. Thanks!
Thanks for choosing QuickBooks Online (QBO) in managing your business, JLIHaulingLLC.
Yes, we have the Transfer feature which makes the transfer funds easy on your account and posted to your bank register. This helps you track the transaction accurately in QBO.
You can use the Transfer option or use the Write Check option to record the transfer of funds and the check number. Just check out this article for the steps and details: Transfer funds between accounts.
On the other hand, it's a good business practice to avoid mixing your business and personal funds. When starting a new business, opening a business checking account is one of the first things to do. Just in case your business and personal finances mix, refer to this article to troubleshoot the issue: Mixing business and personal funds.
We recommend reconciling your checking, savings, and credit card accounts every month. Just compare the list of transactions with what you entered in QBO once you get your bank statements. This is to make sure they match your real-life bank and credit card statements.