QB Issue Resolution:

The customer invoice and payment, or a sales receipt, and handled no differently. It is the Destination of the Funds that are the issue.

Without knowing the business entity type, it would be generally something like this:

Sole Proprietorship: Create a Bank Account in QB and name it Owner Funds. You will be using this to document funds in and out that are business activities. Quarterly or at year end, you will want to review this and bring it to $0 using Equity. “Deposit” the customer payment here, to reflect “I have the money, personally.” When you buy something for the business from personal funds, use Write Check from this same “bank” account. When you put personal funds into the company bank account, that will be a Write Check, in this same bank account; on the Expenses tab, show the Business Checking. This creates an entry between the two accounts (it is not income or expense). You also can use the Banking menu > Transfer funds, FROM Owner Funds Bank, TO business checking account.

For a partnership or corporate structure, this needs to be handled as a Loan Out and the repayment of that loan.

Resolution for Issue 'When I received my first payment on an invoice, I had not yet setup a business checking account with my bank and instead received payment to a personal checking account. I then transferred the money from the personal account to the business account when it was opened. I’ve been able to record the invoice, but I want to make sure I am correctly recording the payment and transfer in QB. Can you please help me with how to do this?' available: Yes (Solved).
Source: Intuit Community forum.

When I received my first payment on an invoice, I had not yet setup a business checking account with my bank and instead received payment to a personal checking account. I then transferred the money from the personal account to the business account when it was opened. I’ve been able to record the invoice, but I want to make sure I am correctly recording the payment and transfer in QB. Can you please help me with how to do this?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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