Record a wire transfer in QuickBooks Online

How you record a wire transfer depends on the purpose of the wire transfer. You can record it as an expense using the Cash Expense feature, or as a deposit using the Bank Deposit feature.

Record a wire transfer as an expense

If the money will be transferred out of your account, follow these steps:

1. Select + New.
2. Under Suppliers, select Expense.
3. (Optional) Specify a supplier or place of purchase in the Payee field.
4. Use the dropdown list in the Payment account field to specify the bank account the wire was transferred from.
5. Enter the date of purchase in the Payment date field.
6. Select the Payment method from the dropdown list.
7. Enter Wire Trans or WT in the Ref no. field.
8. In the Category details section, enter the expense info. In the Category dropdown, select the expense account you use to track expense transactions or enter Accounts Payable if the transfer was for a bill.
9. Enter the Amount of the purchase.
10. Select Save and close or Save and new.

Record a wire transfer as a deposit

If the money will be transferred in to your account, follow these steps:

1. Select + New.
2. Under Other, select Bank deposit.
3. From the Account dropdown, choose the bank account the wire was transferred to.
4. Enter the Date the wire was received.
5. (Optional) On the first line, specify who the wire was Received From.
6. Identify the income Account related to the transfer, or enter Trade and other receivables if the transfer is intended to pay an invoice.
7. Enter Wire Trans or WT under Payment method.
   You can add this payment method if it does not appear in the list.
8. Specify the transferred Amount.
9. If any fees were deducted from the actual deposit, on the next line, enter the expense Account that tracks wire or bank fees and the total Amount of the fee, entered as a (-) negative amount.
10. Verify that the balance of the deposit matches the actual amount deposited to the account.
11. Select Save and close or Save and new.

Now you know how to execute a wire transfer.