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mmcfadden
Level 1

Showing transactions that were deposited into a personal bank account before business account was set up.

We did several jobs before our business account was set up last year. How do I reconcile the 1099NEC form which shows the job we completed and deposited into our personal checking with our business account and QB. All accounts are at the same financial insitituion. 

2 Comments 2
Rustler
Level 15

Showing transactions that were deposited into a personal bank account before business account was set up.

The only reconciliation that needs to be done for all the 1099's you receive is to insure that your gross income equals or exceeds the total 1099 income.

 

create a cash type bank account called owners
enter an expense transaction in the owners account for the total amount you put in the personal bank, and use the business bank account as the expense (reason) for the transaction

then make a deposit in that cash type owners account for the total amount and use owners equity investment as the source account for the deposit

mmcfadden
Level 1

Showing transactions that were deposited into a personal bank account before business account was set up.

Thank you Rustler, I went through and found all our 1099 payments in personal checking yesterday so this should be an easy fix. Thank you! 

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