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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!
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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.
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
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?
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.
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