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Direct deposit from within QB is valid only for Employees and Contractors. You cannot treat an Other Name the same way.
Your bank possibly offers , as most do, ACH out capabikity which would be one method of making direct deposit of distributions. All QB is, at its core,, is recordkeeping, tracking what you did elsewhere.
Despite that, for yourself, you could run an unscheduled payroll and instead of hours or salary you will add the distribution account as a payroll addition with no tax consequence on the check. You should then be able to direct deposit your distribution
Direct deposit from within QB is valid only for Employees and Contractors. You cannot treat an Other Name the same way.
Your bank possibly offers , as most do, ACH out capabikity which would be one method of making direct deposit of distributions. All QB is, at its core,, is recordkeeping, tracking what you did elsewhere.
Despite that, for yourself, you could run an unscheduled payroll and instead of hours or salary you will add the distribution account as a payroll addition with no tax consequence on the check. You should then be able to direct deposit your distribution
Greatly appreciate your reply. Wonder if I can ask you this too:
1. So far I had a small business bringing in $4k per month and I was paying myself $800/month.
2. I just launched another business which just started bringing in $15k/month.
I have approx. $50k sitting in the business account. Is there any guideline how much I can withdraw? Wondering if I can withdraw $25k without causing IRS to freak out.
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