You have multiple ways to record a transfer from your personal account into the business account, @jenmatbuildingse. Let me lay out the steps below.
The first option is to record a money transfer directly in QuickBooks Online (QBO) if you haven’t imported the transaction from your bank yet. I'll guide you on how:
- Click + New and select Transfer.
- From the Transfer Funds From dropdown, pick your bank account.
- From the Transfer Funds To dropdown list, select the business bank account.
- In the Transfer Amount field, enter the amount being transferred.
- Edit the Date field.
- Click Save and close or Save and new to complete the transfer.
- Pick Yes if you double-checked the date.
Another option is to record a transfer by cheque if you used a physical cheque to transfer funds. Follow these steps to proceed:
- Click + New and select Transfer.
- Enter the cheque as you normally would, including the cheque number.
- From the Bank Account field, choose the account the funds are coming out of.
- From the Category column, pick the account the funds are going into.
- Select Save and close to record the cheque.
You can check out this article to learn how to handle imported transactions if you're connected to online banking: Transfer funds between accounts.
Moreover, entering personal transactions or records that aren't part of the business is not advisable. Here's a resource that tackles more about this process: Mixing business and personal funds in QuickBooks Online. On top of that, I highly recommend reaching out to your accountant for additional guidance or questions regarding recording these entries. They can also provide other methods and will share accounting perspectives within the program.
Additionally, you can reconcile your accounts in QBO monthly to ensure accuracy and identify discrepancies for better financial management.
I'm all ears if you have other concerns about recording financial data or managing bank transactions in QBO. Have a great day ahead!
