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DebGer
Level 1

I have bank transfers in my transactions to be categorized

Stupid question..... but I've taken on fixing many errors caused by the person before me and I want to double check.   If a bank transfer has been done from our USD account to our Canadian account do I categorize the transaction as a transfer in both accounts?  Or do I have to match them?

 

Trying desperately to get rid of many duplicates in expenses and income right now

4 Comments 4
JamesM
QuickBooks Team

I have bank transfers in my transactions to be categorized

Hi DebGer,

 

That's a valid question and I'd be happy to help you with it. Fixing errors caused by another person can be a strenuous process but I'm glad you're using QuickBooks to simplify the process. I'll be happy to steer you in the right direction with this. 

 

Categorizing transactions the right way is a crucial step to ensuring your books remain accurate and organized. I'd recommend contacting an accounting professional to get expert advice. Doing this helps prevent errors in your books. If you need to search for an accounting professional, click on this link here. Once you're on the site, enter your postal code and hit the search icon in order to view the accountant professional near your area. In the meantime, here are some helpful resources I recommend checking out: 

 

If these transactions are in your bank feed, you can simply select them, hit Exclude and they'll be excluded. In case you need further assistance, don't hesitate to get back to me in the comments below. My goal is to get you up and running so you can focus on the things you love. 

 

I'll be one message away. Otherwise, have an amazing rest of the week!

DebGer
Level 1

I have bank transfers in my transactions to be categorized

Thank you, I went to the link for instructions but it isn't really telling me about handling of bank transfers specifically

DebGer
Level 1

I have bank transfers in my transactions to be categorized

I basically want to know, if I record the transaction in both bank accounts as a transfer, am I duplicating the transaction and causing an issue in my balance sheet or profit and loss, GL 

JamesM
QuickBooks Team

I have bank transfers in my transactions to be categorized

I see what you're saying. Since both accounts are showing up in your Chart of Accounts , I recommend entering the transfer as one transaction that affects both accounts. I've found an article which breaks down the process of transfers in QuickBooks. Check it out here when you have a minute. Otherwise, here are the necessary steps which show you how to create a transfer:

  1. Select + New.
  2. Under Other, select Transfer.
  3. From the Transfer Funds From 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. (Optional) Enter a description of the transfer in the Memo field.
  8. Select Save and close or Save and new.
  9. Select Yes if you double checked the date.

The funds will be transferred as specified. If you have further questions, don't hesitate to reach back. 

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