Hi all,
We have started our operations and we are in the process of opening business's bank account. Currently I'm using my personal bank account which has the capital of the business until other is opened.
Is there any special treatment of current situation (using my personal bank account) and how to record moving the funds to the other account?
Solved! Go to Solution.
Hi userahmedbuhassan56!
It's not recommended to mix your personal transactions with your business funds. In regards to tracking the owner's equity, it's best to seek some guidance from your accountant.
Additionally, you can record the business expense using a journal entry if you paid it with personal funds.
Once done, you can record a reimbursement using a check or expense.
I've added three different articles on how to manage the business and personal funds.
Leave a message below if you need anything else. We'll respond as soon as we can.
Hi userahmedbuhassan56!
It's not recommended to mix your personal transactions with your business funds. In regards to tracking the owner's equity, it's best to seek some guidance from your accountant.
Additionally, you can record the business expense using a journal entry if you paid it with personal funds.
Once done, you can record a reimbursement using a check or expense.
I've added three different articles on how to manage the business and personal funds.
Leave a message below if you need anything else. We'll respond as soon as we can.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here
These cookies are strictly necessary to provide you with the services and features available through our site. Because these cookies are strictly necessary to deliver the site, you cannot refuse them without impacting how the site functions.
These cookies are used to make advertising messages more relevant to you and your interests. They also perform functions like preventing the same ad from continuously reappearing, ensuring that ads are properly displayed, and in some cases selecting advertisements that are based on your interests.