Hi, my accounts were a bit of a mess with transferring between various accounts (including between personal and business).
I was wondering, if Transfers don’t match up will they add extra income to the Accounts (making it look like I earned money, when it was actually just a transfer.
i.e. If I just transferred $500 between accounts, and don't match it, could it look like I earned that money twice?
(One of the reasons is I can't find the matching transfer for many is because I was transferring with a personal bank account not synced with QBO. The other is that one account that I would transfer from, would group multiple transfers made at the same time, as one. i.e. If I transferred $500 to one account and $500 to another, it would just show $1000 and therefore not match the $500 received into another account)
Is there a way to easily solve this (I have a few years worth of transactions to work through)?
I have some steps that can help you with the transfers, learningthisstuff.
You can manually reconcile the transfer recorded in your personal bank account. Then, exclude the lump sum transaction that showed up on the other bank. This way, the amount will not add as an extra income in your bank register.
Note: Please make sure to consult with your accountant before doing the process. This is to ensure you have an accurate financial report at year end.
To manually reconcile a transaction, you can follow these steps:
For excluding a transaction, here's how:
Once done, you can see the transactions to the Excluded section. I'm also adding this article for more information about transferring funds between bank accounts.
I'll be around if you have additional questions about transfers in QuickBooks. Thanks.
I was also wondering. I have personal bank accounts that I have transferred to and from (I mixed business and personal funds, so it's a bit of a mess)
I haven't connected the personal accounts to QBO. So those Transfers don't show up to match.
(There's both transfers coming in and out)
What would be best thing to do about those?
I'd be delighted to help you with showing and matching your transfers via QuickBooks Online.
Showing and matching your transfers in QuickBooks is pretty easy. You can use the Transfer feature in QuickBooks Online to record those transactions.
This way, you'll be able to see this transfer when you match a transaction on the banking page.
You can get more information in this article: Transfer funds between bank accounts.
Also, you may find these articles helpful:
For account discussion, feel free to reach out to our QuickBooks Online Support.
Don't hesitate to drop a reply below if you need more help in matching your transfers in QuickBooks Online. Have a great rest of your day.