Categorizing zelle transfer to a personal account and then transferred to a business account.

Regla Rojas

Hello everyone.
For an unknown reason my bank doesn't accept to zelle into a business account. Therefore my customers have been zelling the money into the personal and then i transfer them into my business.
I am having problems categorizing them. This is because i dont want the transfer to appear as an income in my personal but i do want that money to appear as an income in my business. Are there any thoughts in which is the best way to categorize in each account? Thank you!

Quicken Francisco

Hello @Regla Rojas

 

Thank you for reaching out on the community and telling us about your issue. Given the circumstances of how you're entering the transactions into your business account it's a bit tricky. Theoretically you could actually delete the two transactions that come in on your personal side, (Deposit + Transfer) and then on the business side just categorize it like you normally would rather than it show as a transfer from the personal account. Unfortunately since it does have the personal account interaction there's no real way to keep it from categorizing without removing it entirely from the personal account.

 

Please let us know if this helps resolve the issue for you.

 

Thanks,

 

Quicken Francisco

Chris_QPW

Now this might depend on the type of business you have, but for people like me that are self employed and report taxes on a schedule C it isn't the account that matters, it is the category/tax line that is assigned to the transaction.  And Quicken Mac doesn't even have "business accounts" so it would behave more like Quicken Windows Deluxe than whatever extra features Quicken Windows Home & Business might put in.

So to me it seems like you would categorize the deposit in the personal account with a business category/tax line, and the transfer to the business account, is just that a transfer which has no category/tax ramifications.

Chris_QPW

P.S. On reports for the business you will have include the personal account to see these transactions, but if you limit the categories to just business categories it should still give you the right results for reporting for your business.