Posted: 6/10/2015 1:39:41 PM EDT
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Their "help" shit is horrible, and their goddamn how-to videos are just campaign ads that are atrocious and doesn't actually explain anything. Their videos basically consist of everything already being set up, and then they just say "It's as easy as two clicks away! Just go here, click this, and you're done!". Fuck. Bitch, how the fuck do I even GET to that point? Is there a better help-me section or tutorial or ANYTHING other than what the quickbooks/intuit people provide? |
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I have a Business bank account and a Personal bank account. My Business bank account will not allow me to transfer funds online to a Personal account. In quickbooks, I read that this can be done through their services. But, I've been told by a co-worker that you can't simply click on "Transfer" to transfer funds, you have to make an invoice, do some shit with payroll, and then something else. I don't know. I started trailing off after "create an invoice". I just want to move funds, that's it. I don't want to put it on the payroll thing to show that I paid myself $xxxx amount of money. I just want to distribute funds. |
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When I transfer funds between accounts, I go directly into the check writing feature. Instead of expense account, I select the bank account/petty cash account that is to receive the funds. If this is electronic, type EPAY as the check number... though we are still old school and do paper checks. That's the easy way to transfer the funds on your books. While you may prefer electronic deposits, it may just be simpler to do a paper check. If you use the same bank for personal and corporate funds, it should be same-day or next-day credit since it's a "on us" check.
Are you a C-corp, S-corp, LLC, or something else? I can't speak to potential tax implications of the transfer, based on the type of entity you are. If I recall correctly, a single owner LLC is seen as an extension of the person who owns it... no tax implications. Not sure on S-corp, since it's a pass-through entity for tax purposes. C-corp would certainly be a dividend/payroll distribution of one flavor or another. YMMV. Hope that helps. Edit: We use separate banks for separate functions (payroll, A/P, etc.) instead of one for everything. |
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It's an s corp. And the whole money in bank vs. In QuickBooks... No idea. I just wanted to do a simple transfer of funds and the tutorials they give, they already have shit set up and they just click click done while trying to sell you on the shit you already bought |
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Menu bar.... select Banking, Transfer Funds. You can have the accounts setup for online banking, or do it old school - either write a check from one bank to the other, or go to the bank and do it. I.E. your quickbooks account balance will not match the actual bank balance in "real time"...if you do the amount of transactions I do, that's just about impossible anyway...
I do it old school. I don't typically fuck with online banking. I have an accountant reconcile my accounts manually once a month or so. It is possible to do it automatically via online banking, I just don't because I am scared of messing it up to be honest. I've been using quickbooks for the better part of 20 years. If you have any specific questions ask, or PM me I'll be glad to help if I can. I am not an accountant by any means, I just run my business daily and have accountants keep me in check. |
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Quoted: Menu bar.... select Banking, Transfer Funds. You can have the accounts setup for online banking, or do it old school - either write a check from one bank to the other, or go to the bank and do it. I.E. your quickbooks account balance will not match the actual bank balance in "real time"...if you do the amount of transactions I do, that's just about impossible anyway... I do it old school. I don't typically fuck with online banking. I have an accountant reconcile my accounts manually once a month or so. It is possible to do it automatically via online banking, I just don't because I am scared of messing it up to be honest. I've been using quickbooks for the better part of 20 years. If you have any specific questions ask, or PM me I'll be glad to help if I can. I am not an accountant by any means, I just run my business daily and have accountants keep me in check. |
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Do you use QB payroll now?
I don't think the QB Banking feature does anything more than download your transactions daily from the bank website, and reconciles them with your entries. I don't think it can control actual bank actions, like transferring funds, making online payments, generating bank checks, wire transfers, etc. You still have to do that yourself on the banks' website. If you use QB Payroll now, with direct deposit, you can pay yourself from the corp account to the personal account anytime for any amount, and it should be available in 2 days max. The QB Payroll feature does cost money. Something like $20 a month and 2 bucks per employee. And you have to set it up, and verify accounts, and electronically sign some stuff IIRC. It takes a day or 2 before you can start using it the 1st time. |
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Quoted: Do you use QB payroll now? I don't think the QB Banking feature does anything more than download your transactions daily from the bank website, and reconciles them with your entries. I don't think it can control actual bank actions, like transferring funds, making online payments, generating bank checks, wire transfers, etc. You still have to do that yourself on the banks' website. If you use QB Payroll now, with direct deposit, you can pay yourself from the corp account to the personal account anytime for any amount, and it should be available in 2 days max. The QB Payroll feature does cost money. Something like $20 a month and 2 bucks per employee. And you have to set it up, and verify accounts, and electronically sign some stuff IIRC. It takes a day or 2 before you can start using it the 1st time.  |
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QB payroll allows you to designate what type of pay it is. Salary, bonus,etc. You could designate it as "Expense Reimbursement" and it wouldn't effect his W2, nor would there be payroll taxes due.
You just have to set him up in the employee section 1st to be eligible for reimbursement payments, then create the payment. |