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rinkeej
Level 1

categories for banking

Is there a list of categories to use to match up on banking?

3 REPLIES 3
JasroV
QuickBooks Team

categories for banking

Yes, there is, @rinkeej.

 

You can go to your Chart of Accounts and see the list of categories you can use to match your bank transactions. To do so, navigate to the Gear icon in your QuickBooks Online (QBO) account and select Chart of accounts.

 

There, you can see the list of all accounts you can use to categorise your online bank transactions. To help you categorise those transactions accurately, I have here an article that you can use for reference: Categorise and match online bank transactions in QuickBooks Online.

 

Let me also share this article that can walk you through the process in reconciling your accounts effectively: Reconcile an account in QuickBooks Online.

 

Please don’t hesitate to post a reply in this thread if you have other follow-up questions about categorising your transactions in QBO. I’d be more than happy to help you out. Have a wonderful day ahead and take care!

rinkeej
Level 1

categories for banking


What about transfers that automatically go from checking into savings once a month?  how do i categorize that ?

Rejeil_O
QuickBooks Team

categories for banking

Hello there, @rinkeej.

 

Let me step in and assist you in categorizing your bank transactions.

 

If your two bank accounts are created in QuickBooks, you'll have to create a bank transfer to match these transactions. You can follow these steps on how:

 

  1. Go to the +New button.
  2. Select the Transfer tab.
  3. Choose the bank account where the funds are coming out of in the Transfer Funds From drop-down.
  4. From the Transfer Funds To arrow, select the bank account where the funds are being deposited into.
  5. Enter the amount being transferred in the Transfer Amount field.
  6. Filter the date range.
  7. Fill out the description in the Memo field.
  8. Hit the Save and Close button.

 

However, if your savings account is not in QuickBooks, then you'll have to create an Owner's draw to match it to your checking account. Here's how:

 

Step 1: Create an Equity account in your QuickBooks

 

  1. Go to the Accountings tab, then select Chart of Accounts.
  2. Click the New button.
  3. Choose Equity in the Account Type drop-down.
  4. From the Detail Type, select Owner's Equity.
  5. Enter the opening balance of the account.
  6. Hit Save and Close.

 

Step 2: Write a check from an owner's equity account

 

  1. Go to the +New button.
  2. Select the Check tab.
  3. Choose your bank account where your money will be withdrawn.
  4. Click Print later if you want to print the check.
  5. Fill out the necessary fields.
  6. Select the Owner's Equity you created in the account field.
  7. Click the Save and Close button.

 

I've also added an article that helps you reconcile your account in QuickBooks: Reconcile an account in QuickBooks Online.

 

Please know that I'm always around here in the Community to help. Take care, and have a good day.