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Level 1

How do I classify a transfer to my business account from my personal account?

Hi, I just started using QuickBooks online and am a new Realtor. Money is being given to me to pay for expenses to start my business as needed until I start making my own money. How do I track the money coming from my personal checking (that's transferred to me from someone else) to pay for expenses? Thank you!

1 Comment
Level 15

How do I classify a transfer to my business account from my personal account?

For a company taxed as a sole proprietor (schedule C) or partnership (form 1065), I recommend you have the following for owner/partner equity accounts  (one set for each partner if a partnership)

[name] Equity (do not post to this account it is a summing account)
>> Equity
>> Equity Drawing - you record value you take from the business here
>> Equity Investment - record value you put into the business here

 

enter the deposit in the company bank account and use equity investment as the source account for the deposit

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