cancel
Showing results for 
Search instead for 
Did you mean: 
assawagafarm
Level 2

My accountant accidentally made our tax refund go into our business bank account instead of our personal bank account.

Hi, I own a LLC and normally we get tax returns into our personal bank account but somehow all the returns (federal and two states) went into our business bank account. How do I treat this in QB without it looking like income? Thank you for your help in advance!

Solved
Best answer March 09, 2022

Best Answers
Rustler
Level 15

My accountant accidentally made our tax refund go into our business bank account instead of our personal bank account.

You can do it either way

If you only use owner equity for both investment and drawing, that is not a problem.

The reason people split it up into separate accounts for drawing and investment is so they can see the totals during the year.

View solution in original post

3 Comments 3
Rustler
Level 15

My accountant accidentally made our tax refund go into our business bank account instead of our personal bank account.

Use owner equity investment as the source account for each deposit

If you take the funds later for personal use, then use owner equity drawing as the expense (reason) for the payment

assawagafarm
Level 2

My accountant accidentally made our tax refund go into our business bank account instead of our personal bank account.

Hi Rustler, thank you for your response! I now recall years ago when I was still putting in our own money into the business, in that case I went into Deposit and entered "Received From" = Owner and "From Account" = Owner Equity. Is that how I enter it? And then when I take the funds out I go into Write Checks and use "Account" = Owner Equity? Currently when I take money out for personal use, I use the account Owner Draw but should I make a distinction here and use Owner Equity then?

Rustler
Level 15

My accountant accidentally made our tax refund go into our business bank account instead of our personal bank account.

You can do it either way

If you only use owner equity for both investment and drawing, that is not a problem.

The reason people split it up into separate accounts for drawing and investment is so they can see the totals during the year.

Need to get in touch?

Contact us