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Categorizing online transfers

I'm using H&B 2012.

I have two accounts: Corporate and Personal. I want to make an online transfer from Corporate to Personal and I want to record it in the Corporate Quicken register as a draw against the corporate funds

When I make the transfer, the only category Quicken allows is "Transfer to Personal"

How can I make the transfer and end up with it categorized as a draw in the Corporate account?

I suppose I could do it in two steps:

  1. Show it as a withdrawal from Corporate and categorize it as draw.

  1. Make a separate transaction showing a deposit to the Personal account

Dick Evans

Reply to
infodex
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Dick, There appears to be a fundamental mis-understanding here. H&B is intended for users where the person(s) and the business are a single tax entity ... in which case transferring money from your business pocket to your personal pocket is a non-event, taxwise.

If, as you're implying, the Corporate is a separate tax entity (perhaps, ev en incorporated), it should be in a completely separate Q data file ... not just a separate account ... even if you're the sole owner.

db

Reply to
dbrown302

Could be.

Yes, I'm an S-corp. I used to just juggle money around but recently got a new accountant who tells me I have to track the transfers as draws.

Thanks.

Reply to
infodex

Could be.

Yes, I'm an S-corp. I used to just juggle money around but recently got a new accountant who tells me I have to track the transfers as draws.

Thanks.

Reply to
Scott W

Maybe yes, maybe no. If the S-Corp is engaged in consulting, or some other "personal service", H&B would work well. It's just that 2 tax entities (Dick & his company) shouldn't me co-mingled in a single Q data file.

When he separates the 2, Dick WILL have to make entries in both Q files to record this transaction. 1 in the Corp file, as an owner draw, and a separate Income transaction in the Personal file.

Reply to
dbrown302

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