categorize a client payment received: Hi, I received a client payment into my personal account for convenience to my client. When the transfer cleared, I then transferred the funds to my business account. When the transfer posted to my business account, QBO automatically categorized it as a “Transferred from Shareholder’s Distribution”. Is this correct? If not, what categorization should I use, so that I may associate the funds to the proper invoices? Thanks in advance.
If you have shareholder distributions, that means you are a c- or s-corp for taxes, so no that would not be correct.
The best thing is to receive payment against the invoice in QB and deposit your check in the business account for that amount.
Letting banking downloads do your accounting for […]
Resolution for 'categorize a client payment received issue: 'Hi, I received a client payment into my personal account for convenience to my client. When the transfer cleared, I then transferred the funds to my business account. When the transfer posted to my business account, QBO automatically categorized it as a “Transferred from Shareholder’s Distribution”. Is this correct? If not, what categorization should I use, so that I may associate the funds to the proper invoices? Thanks in advance.' available: Yes.
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