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I deposited cash into my external account and transferred to looch. How should I categorize this?

Michel Myara avatar
Written by Michel Myara
Updated over 2 years ago

Accounting enrolled external accounts

looch will auto-reconcile the transfer.

For the cash deposit into the external account, use the appropriate income category to categorize the received money transaction.

Personal external accounts

The transfer will be treated as a personal deposit by looch, and the transaction will be auto-reconciled using the correct category for your entity type and tax treatment.

However, if the cash is business funds and you used your personal external account for convenience, you should undo this. Deselect the Personal tag by tapping it in the tag bar at the bottom of the received money transaction screen. Now that the transaction is unreconciled, you can tap the category to open the category list and choose the appropriate income category.

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