Receiving Money from an S-Corp


C

Chris Guimbellot

Hello,

Money2006 Premium

In addition to my standard 9-to-5 job and pay, I own an S-Corp. I have been
accounting for the company in a QuickBooks file because I don't like the way
Money mixes business expenses with personal. Anyway, I have separate bank
accounts for the business. Since I have started the company, I have taken
money out once in the amount of $1000 by simply transferring it from the
business account to my personal account via the bank's website. Since, the
business account is not in my Money file, I entered a transaction where I
deposited $1000 in my checking account and the From was the company. My
question is what category do I use keeping in mind tax and reporting
purposes. I know that at the end of the year, none of this is going to
matter, but for now, I would like to know. Also, if anyone knows what I
would do in QuickBooks, that would be great too.

The only other time, I have taken $5000 from the company is to establish a
SEP-IRA with a brokerage. When I did it, I wrote a company check to the
brokerage house. Since it is my retirement plan, I set it up in Money. The
question is what transaction do I make into the SEP account, also
considering that I don't pay taxes on this money now. And if anyone knows
what I need to do in the QuickBooks file as well, that would be appreciated.

If I need to provide more information about what I am trying to achieve, I
would be happy to provide it. Thanks,

Chris
 
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