Comments on: How do I account for transfering money between a business and personal checking account? http://www.secretfinance.com/blog/how-do-i-account-for-transfering-money-between-a-business-and-personal-checking-account/ Thu, 17 May 2012 19:53:57 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Shay http://www.secretfinance.com/blog/how-do-i-account-for-transfering-money-between-a-business-and-personal-checking-account/comment-page-1/#comment-2397 Shay Thu, 26 Nov 2009 14:52:56 +0000 http://www.secretfinance.com/blog/how-do-i-account-for-transfering-money-between-a-business-and-personal-checking-account/#comment-2397 Whoever does your end of the year taxes would be able to help you set this up. You should use a Draw account and a Capital account for these transactions. When you take money from your business and put it in your personal account you should list it as a Draw. A Draw allows the owner to withdrawal cash or other assets from a propietorship. When you take money from your personal account and put it into your business it should be listed as Capital. Capital is money or other assets that an owner brings into a propietorship. An accountant or bookkeeper can set up a program for you, such as QuickBooks, where you can track all your expenses and income and keep up with money transfers. That way you will feel better about your finances and make sure everything is getting accounted for.<a href="http://www.chefcookingware.com/907"> Shay</a> Whoever does your end of the year taxes would be able to help you set this up.

You should use a Draw account and a Capital account for these transactions.

When you take money from your business and put it in your personal account you should list it as a Draw.

A Draw allows the owner to withdrawal cash or other assets from a propietorship.

When you take money from your personal account and put it into your business it should be listed as Capital.

Capital is money or other assets that an owner brings into a propietorship.

An accountant or bookkeeper can set up a program for you, such as QuickBooks, where you can track all your expenses and income and keep up with money transfers. That way you will feel better about your finances and make sure everything is getting accounted for. Shay

]]> By: Gem http://www.secretfinance.com/blog/how-do-i-account-for-transfering-money-between-a-business-and-personal-checking-account/comment-page-1/#comment-2396 Gem Tue, 24 Nov 2009 16:49:14 +0000 http://www.secretfinance.com/blog/how-do-i-account-for-transfering-money-between-a-business-and-personal-checking-account/#comment-2396 It muddies the waters when you do this, but as a sole proprietor, it only matters what you have grossed in sales & spent in legitimate business expenses. Do you use any type of accounting software to keep track of business expenses?<a href="http://www.resumeminers.com/online-degree/master-online-degree.htm"> Gem</a> It muddies the waters when you do this, but as a sole proprietor, it only matters what you have grossed in sales & spent in legitimate business expenses.

Do you use any type of accounting software to keep track of business expenses? Gem

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