Pulling Personal Funds
Move any personal funds into the business (or vice versa)? Make sure it’s tracked cleanly. It’s totally normal for small business owners to shuffle money between personal and business accounts now and then. But if those transfers aren’t recorded correctly, your QuickBooks reports and tax forms can get messy fast.
Instead of letting it slide, treat these transfers with care. Record them in QuickBooks as an owner contribution or draw—not income or expense. Clean, well-labeled records make everything easier at tax time.
A Chandler CPA (like us) can help you track it right and keep your books honest. We handle this regularly through our Clean-Up Projects and Monthly Accounting Services.
Questions? Call us at 480 747 3935 or visit our Monthly Accounting Services page, too!
