Question

Transfers between acocunts

3 replies
17 views

My company has a few accounts. We often transfer funds between accounts. However, those funds will have to be paid back to each account from which it came from; aka loans between accounts. Do I record the transactions as just a transfer or should I be creating a separate loan account? If so, can you please guide me through that?

QuickBooks Online

LieraMarie_A

Level 8

Hi there, @sw1222. I've got some information that will help you record these transfers.

Yes, you can record the transactions as transfers. Then, you can add the reason for the activity in the Memo field.

Here's how:

Select + New.
Select Transfer.
From the Transfer Funds From dropdown list, select the bank account that the money is coming from.
From the Transfer Funds To dropdown list, select the bank account that the money is going to.
In the Transfer Amount field, enter the amount being transferred.
Edit the Date field.
Enter a description of the transfer in the Memo field (optional).
Select Save and close or Save and new to complete the transfer.
Select Yes if you double-checked the date.

If your company borrowed something from other parties, you can refer to these articles on how to record them:

We're just around here if you need further assistance with recording a loan in QuickBooks Online. Just leave a comment below and we'll be right back.

S

sw1222Author

I understand, but if I have to run a report, how will it be displayed?

Is it better to categorize them?

JenoP

QuickBooks Team

Joining the conversation to help with your questions about transferred transactions, sw1222.

I'd also like to ask what report you'll be running? Bank transactions that tagged as "Transfers" when running account register or balance sheet reports.

If you're referring to the Memo field, you can customize the report and add the Memo/Description column. Just click the Customize button and check the box for Memo/Description under the Rows/Columns section.

You can check out this article for more details: Customize Reports in QuickBooks Online.

I would also recommend reaching out to your accountant if you should be categorizing or tagging them as transfers.

Feel free to check out these articles in case you need more references on how to handle banking transactions:

Feel free to reply to me or post more questions if you need anything else. We're always here to help.

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