Categorizing/Labeling Transferring money between accounts
WillowTreeTherapy
Member Posts: 1
This messed me up last year and I still do not quite get it. I have a business checking, business saving, personal checking, and personal saving.
Let's say, I have income of $450 from a source. I label that as "Subsidy payment" in the correct account, where the money was received. Then, I transfer it to savings through my banking app. How do I label that now?
I have three transactions.
Original Income + $450
Transfer to savings (showing as an expense in business account) $-450
Income into Personal Savings +$450
What is the correct way to label/categorize each of these? I know it shouldn't count as multiple incomes and withdrawals as it is just transferring money around.
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