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Quickbooks Self Employed requires me to chose between Business / Personal / Split for "Transfer" transactions - to my mind they are neither - how should I handle them ?
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Actually the subject line is wrong on this post I’m asking about categorizing any transfer between account either within a financial institution or across institutions- not credit cards.It depends.If you are taking money out of the business and putting that into a personal account, then it is equity drawing for the business, and personal incomeIf you are putting personal money into the business, then it is equity investment for the business, and business investment for personal
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The Credit Card payment is seen in the CC account and is listed as a Transfer From Checking. The same transaction, then, by Definition of "transfer" is From Checking and against the CC account.
There is no Expense splits and this is not an expense; it is paying down Debt. The CC balance went Down and the Checking account went Down for this Same, One, Transaction.
The Credit Card account is how you went into debt by using the credit card to make purchases paid by using that card, previously.
If you are moving funds from one business account to the other, it is Neither Peresonal nor business as expense. The Transfer is between those two accounts.
The same as what I described for Credit Card.
Like a Transfer between business checking and business savings, or business checking and business PayPal = the One Transaction is a transfer between the two accounts.
There are no business activity; there is no income or expense involved.