Categorising savings

Abbo · ‎February 12, 2022

Strange question - but I use quickbooks to monitor my personal spend as well as business tracking, which can clash with the accounting parameters of quickbooks. My starling account allows me to transfer round ups on spend to a designated saving area within my current account (so each transaction on spend gets rounded up and the difference goes into a saving space). This pops up on my bank transactions feed as spend, but it's not spend, just transfer to a savings place within the same bank account. What on earth do I categorise it as that won't cause confusion to my charts of accounts? Any ideas? I only use reports to gather data on streams of spend, I don't use the profit and loss facility officially, as my personal spend needs monitoring in details to keep me on track but that screws up the profit and loss bits. I love the facility quickbooks offers for tracking but this has got me stumped. Any advice most welcome! I run a one woman business (B&B) and have a mother to care for, so don't have the time or money to learn the programme or accounting well enough to work this out.

katherinejoyceO · ‎February 12, 2022

Thanks for visiting the Community today, @Abbo.

As an insight, QuickBooks will only depend on the transactions your financial institution sent to us. At this point, I'd recommend contacting your bank to verify the transaction.

While the transaction is now in your bank feeds, you'll want to exclude this transaction. Then, create a bank transfer to correct it.

Here's how to exclude the transaction in QuickBooks:

Go to the Banking menu, then select the Banking tab.
Select the For Review tab, then select the checkbox of the transactions to exclude.
Select Exclude.

To create a bank transfer, here's how:

Select + New, then select Transfer.
Select the bank account that the money is coming from from the Transfer Funds From drop-down.
From the Transfer Funds To dropdown, select the bank account that the money is going to.
Enter the amount being transferred, then edit the Date field.
Select Save and close.

For the type of account to use, I'd recommend consulting your accountant to ensure your books are accurate.

For future reference, check out this link to learn more about reconciling your actual bank statement with QuickBooks.

Feel free to visit and post again if you have follow-up questions or additional concerns. I'm always around to help.

View solution in original post

katherinejoyceO · ‎February 12, 2022

Thanks for visiting the Community today, @Abbo.

As an insight, QuickBooks will only depend on the transactions your financial institution sent to us. At this point, I'd recommend contacting your bank to verify the transaction.

While the transaction is now in your bank feeds, you'll want to exclude this transaction. Then, create a bank transfer to correct it.

Here's how to exclude the transaction in QuickBooks:

Go to the Banking menu, then select the Banking tab.
Select the For Review tab, then select the checkbox of the transactions to exclude.
Select Exclude.

To create a bank transfer, here's how:

Select + New, then select Transfer.
Select the bank account that the money is coming from from the Transfer Funds From drop-down.
From the Transfer Funds To dropdown, select the bank account that the money is going to.
Enter the amount being transferred, then edit the Date field.
Select Save and close.

For the type of account to use, I'd recommend consulting your accountant to ensure your books are accurate.

For future reference, check out this link to learn more about reconciling your actual bank statement with QuickBooks.

Feel free to visit and post again if you have follow-up questions or additional concerns. I'm always around to help.

Abbo · ‎February 12, 2022

Thanks so much. That's cleared it up. Most grateful

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