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Community Contributor **

How to Fix Transfers that don't match

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)? 

Thanks 

3 Comments
QuickBooks Team

Re: How to Fix Transfers that don't match

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:

  1. Click the Gear icon located in the upper right-hand corner.
  2. Under Your company, click Chart of Accounts.
  3. Click the View register link of the account where the transaction was transferred to.
  4. Find the transaction and click the transaction to expand.
  5. Click the Reconcile column (Indicated by a check mark) until you see the letter R.
  6. Click Save.

For excluding a transaction, here's how:

  1. Go to Banking and select the other bank account.
  2. Find the transfer and put a check mark on the box.
  3. Click the Batch actions drop-down menu and select Exclude Selected.

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.

Community Contributor **

Re: How to Fix Transfers that don't match

 

 

 

 

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? 

Thanks 

Moderator

Re: How to Fix Transfers that don't match

Hi, learningthisstuff.

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.

 

Here's how:

 

  1. Click the Plus icon.
  2. Under Other, select Transfer.
  3. From the Transfer Funds From the drop-down list, select the bank account that the funds are coming out of.
  4. From the Transfer Funds To drop-down list, select the bank account the funds are being deposited into.
  5. In the Transfer Amount field, enter the amount being transferred.
  6. Edit the Date.
  7. Select Save.

z.PNG x.PNG

 

This way, you'll be able to see this transfer when you match a transaction on the banking page.

 

b.PNG v.PNG

 

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.

 

  1. Sign in to your QuickBooks Online Company.
  2. Click (?) Help at the upper right corner.
  3. Select Contact US on the pop-up.
  4. Enter a brief description of your concern then hit Continue.
  5. Click Get a callback.
  6. Enter your contact information.
  7. Select Call me.

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.