working between business and personal accounts

happynestfarmhappynestfarm Member Posts: 1

This is my first year of a new business and I have not set up a business banking account; however, I do have business expenses that I have categorized in my personal books. I do not have any income to report. This is just information for my balance sheet.

As of January 1, I'll be doing all those transactions in a separate business banking account.

For now, I'd like to see how it would look to move these expenses into my business account. Would I do a transfer?

Comments

  • AlexLAlexL Administrator Posts: 1,118 admin

    Hi @happynestfarm , welcome to the Community :smile: . You can't actually transfer the transactions over, but the way you'd handle this is by categorizing the transaction to Owner Investment / Drawing in your Personal side and then recreating it in the business side.

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