Transfer from personal checking account to business checking account
I need to transfer funds from my personal checking account to the business checking account to cover bills. How do I account for that in QuickBooks Premier Pro?
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11/08/09 7:52am PST
Viewed by asker 11/23/09 2:56pm PST
Viewed by asker 11/23/09 2:56pm PST
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sunremserv
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11/09/09 3:34am PST
You'll need to create an Owner's Equity account if you don't have one already and then a subaccount for Owner's Contribution. Use Ctrl-A, Ctrl-N.
Does this help?
Denise Burke
11/22/09 11:14am PST
Thanks! If I pay myself back from company funds, should I use this "Owner's Contribution" account as the offset for that transaction?
I have an Owner's Equity account, but not the Contribution sub-account. Is the purpose of setting up this sub account for better tracability?
11/22/09 11:20am PST
Tried to set up the sub-account. Got an error message saying"This account cannot have sub accounts. It is a special account automatically created by Qickbooks"
RekaUjj
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11/22/09 8:28pm PST
The Owner's Contribution can be a regular account (not a sub). Just make sure that the type of the account is Equity.
Reka
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ljkbooks
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11/23/09 6:06am PST
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The solution
Hi Dakota220,
If you are Sole Proprietorship, there is no need to pay yourself back. Sole Proprietorship do not draw paychecks therefore you take money out of the business when you need it.
I'm not clear if you have your personal checking account in QB or not. If you do, then go to Banking > Transfer Funds. Here you show the transfer from personal to business.
If you do not have the personal checking account in QB and you are depositing personal funds into the business Checking Account, go to Make Deposit and the Account to use is Owner's Contribution or Owner's Investment. In the Chart Of Accounts, you might have all of this Accounts as Equity Accounts: Owner Contribution, Owner Investment, Owner Draw, Owner Equity. Contrubtion and Investment are basically the same thing. All Accounts of their own.
If you take money out of the business for personal use, then the Account to use is Owner Draw.
If this helped you, please mark this Solved so Intuit can close this thread. Thank you,
Dakota220.
Laura Kaniuk
