S Corp - Recording Net Profit
Hope123
Member Posts: 8
I have a small profit from last year sitting in my checking account. I would like to transfer this to personal account. Is it necessary to make a journal entry? Can I just make an electronic transfer from business account to personal acct and categorize the transaction as owner’s equity so it is listed correctly on the reports? Thanks!
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@Hope123,
You can transfer the funds and classify as an owner distribution.
Sure. Keep me in mind if you need someone to prepare and file 1120S. I work with clients coast to coast.