Quickbooks: Contributing cash via bank transfer

[Account Closed]

How do you record cash contribution to a company in quickbooks when you are transferring funds from personal bank account to a business account? Do you still use "make deposits" and leave the payment method blank, or do you use "transfer funds"? 

[Account Closed]

@Account Closed

Technically, you can leave the payment method field blank - QB will let you save the deposit without filling it in. It's helpful to fill it in though, especially when doing a bank reconciliation. If the different payment methods are specified, it's easier to match up with the bank statement.

You can add new payment methods in Quickbooks, depending on your needs. You're not limited to the default list of Cash, Check, Credit Card. In your case, you may want to add a payment method like "EFT" or "ACH" or "Wire" etc. It's for your reference, so choose what makes sense to you. Once you add the new payment method to the list, it will be available for you to select every time you enter a deposit. Good idea to be consistent and select that payment method when you do this type of transfer again because QB allows you to run reports based on payment method, which might be of use at some point. 

To add the new payment method, select "Add New" in the Payment Method dropdown in the Bank Deposit screen. Or click Gear icon > All Lists > Payment Methods > New. (Keep "This is a credit card" unchecked)

These instructions are for QuickBooks Online. If you're using QuickBooks Desktop, I think the process is very

Hope this helps :)