How to transfer a property under business to Personal.

Pladaus · ‎March 16, 2022

My company purchased a property, made improvements that increased property value, everything is paid off and then we transferred to myself. How do I go about that when creating the journal entry?

I think I understand which accounts are coming from don't know where do I put them.

Thanks in advance for any help.

ZackE · ‎March 16, 2022

Thanks for reaching out to the Community, Pladaus.

When creating journal entries, you'll have an Account field that can be used to choose a account to credit or debit. You'll also have another area to enter which account you're moving money to/from.

If you aren't sure of which accounts to use and/or which ones should be credited/debited, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

Here's how it works:

Go to our Find a ProAdvisor page.
Use your City or ZIP search field to specify a location.
Select Find a ProAdvisor.
Browse through the results and find one that works best for your business. You can click on each ProAdvisor's profile to learn more information about them.

Once you've found an accountant, they can be contacted through their Send a message form:

Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.
Enter your appropriate info in the Your name, Your email, and Your phone number (optional) fields.
Hit Send message.

I've also included a detailed resource about working with journal entries which may come in handy moving forward: Create a journal entry

If there's any additional questions, I'm just a post away. Have a lovely day!

View solution in original post

ZackE · ‎March 16, 2022

Thanks for reaching out to the Community, Pladaus.

When creating journal entries, you'll have an Account field that can be used to choose a account to credit or debit. You'll also have another area to enter which account you're moving money to/from.

If you aren't sure of which accounts to use and/or which ones should be credited/debited, I'd recommend working with an accounting professional. If you're in need of one, there's an awesome tool on our website called Find a ProAdvisor. All ProAdvisors listed there are QuickBooks-certified and able to provide helpful insights for driving your business's success.

Here's how it works:

Go to our Find a ProAdvisor page.
Use your City or ZIP search field to specify a location.
Select Find a ProAdvisor.
Browse through the results and find one that works best for your business. You can click on each ProAdvisor's profile to learn more information about them.

Once you've found an accountant, they can be contacted through their Send a message form:

Use the available text box to introduce yourself. Be sure to include details about which services you're looking for.
Enter your appropriate info in the Your name, Your email, and Your phone number (optional) fields.
Hit Send message.

I've also included a detailed resource about working with journal entries which may come in handy moving forward: Create a journal entry

If there's any additional questions, I'm just a post away. Have a lovely day!

Pladaus · ‎March 16, 2022

Thank you for your reply.

I will do that.

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How to transfer a property under business to Personal.