Categorizing online transfers

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

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.

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.

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.