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If a customer pays in cash but my business checking account is online only and does not accept cash, could I just deposit the money in my personal account. Then just transfer it to my business checking account and label as cash payment?
Yes, you can temporarily deposit the money to your personal account and transfer it to your business account afterward, Sam. I'll dig deeper into this below.
Although it's not advisable to use your personal account for business-related operations, your idea can be convenient for your situation. Please know that this process could complicate your financial records, so it's still best to seek assistance from an accounting professional. They can also provide alternatives so you can handle this matter accordingly.
If you've created an invoice for that customer, you can use the Receive payment feature to record the payment and deposit it to your business checking account:
Nevertheless, if the sale was initiated outside of QuickBooks without using the invoicing function of the platform, you can directly record a Sales receipt. Then, deposit the amount to your business checking account.
On the other hand, if your business account is connected to online banking in QuickBooks and the money you've deposited reflects in its bank feeds, you can exclude it to avoid duplication.
It's also recommended to reconcile your accounts regularly to ensure the accuracy of your financial data. This way, you can detect and fix any potential discrepancies.
Drop by again to this thread if you have more questions about handling your sales for a checking account that does not accept cash. Our team is always here to help.
It sounds like your biz checking isn't local, so you need a way to deposit cash from where you live. Of course you can do it as you suggest. But is your remote bank connected to a local ATM network that would allow you to deposit it that way? You could also just deposit it to petty cash, keep the money in a safe place, and then spend it locally as necessary, using petty cash as your payment method.
I would try to open a local biz checking acct, for just such a situation.
In other words, you have lots of options and you can do it the way that works for you best!
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