Hello everyone, I am new to managing business accounts and bought 2 properties this year. I transferred ownership of the properties to my LLC, so now the income goes directly to the business checking account. I would like to setup automatic transfer between the business account and my checking to cover the mortgages in my name.
Is there accounting software that allows me to do this? The bank institutions are different between business and personal, so all the tools available via online banking are very manual processes to transfer between institutions. Before visiting the bank and setting up automatic ACH/Wires, I wanted to explore the possibility of cheaper alternatives. I could just write myself checks every month, but that sounds annoying!
You can use Zelle to transfer money from one account to the other for free.
If your bank offers transfer to other accounts in the same bank, you may also consider opening a personal account in the same bank.
Last you can also set up your mortgage payment to be paid directly by the business account. However this last option may trigger some side effects that you need to evaluate seriously: is your lender aware of the transfer of the property? If not will that trigger a due on sale clause? Depending on your specific setup you may not justify that expense directly from the LLC but have to distribute it first to you as a member.
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