A family member recently attempted to reimburse me for expenses for an upcoming family trip and sent a Zelle to my business account instead of my personal checking account by accident. What is the cleanest way to fix this error? Both accounts are through Chase and I attempted to send it back so he could send it to the correct account but Chase prevented me from sending because the amount was too high.
EDIT: business is a sole proprietorship.
Check with the person that does your taxes to see how to separate it.
sorry 😐 straight to jail
just make a record in your books then transfer it to your other account. This happens to me all the time. The bookkeeper makes the correct postings.
Receive it as an owner contribution, then transfer it out as an owner draw. It’ll make your balance sheet look a little silly, but it isn’t a big deal and won’t impact your taxes.
This is also pretty common with payment apps. They make it hard to 100% separate your personal and business accounts. Just transfer it to yourself and note in your books.
I would wire it back and ask for another payment, this is the cleanest way imho
I agree - transferring between bz and personal account may be considered co-mingling funds and then why have the business in the first place?