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Level 2

Changing Transcation Category to Transfer

Hi, I've just started using QB Self Employed and have some issues that I need clearing up.

 

My first problem is that, having imported transcations from several bank accounts, I need to change the automatically assigned transaction type, but can't seem how to do it.

 

Specifically, there are some transfers between accounts that are marked as Bill Payment in the description and QB doesn't seem to want to allow me to change the type to transfer rather than Business/Personal Expenditure or just exclude. Any ideas what I should do?

 

Thanks in advance.

 

Simon

Solved
Best answer 03-21-2019

Accepted Solutions
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QuickBooks Team

Changing Transcation Category to Transfer

Hi Simon

 

Thanks for the screenshot. If you select business it will set a category however you can then click on the blue writing under the category column and then you will then see a drop down box and transfer is an option.

If you select personal as it is not part of your Self Assessment you can not select a category it will default to personal spending

 

I hope this helps

 

Any questions about this or any other sections feel free to reply  to ask here you do not have to start a new thread

 

Thanks

Emma

View solution in original post

6 REPLIES 6
Highlighted
QuickBooks Team

Changing Transcation Category to Transfer

Thanks for contacting us on Community Simon.

 

This will depend if the transactions have been imported after previously being assigned, normally this will give the option to assign of Business Income/Personal/Split were the transactions in question imported using a CSV file? If this is the case you could try removing the type which is assigned. Can you provide us with a screenshot of the transactions in question or the file they are being imported from?

 

Thanks,

 

 

 

 

Highlighted
Level 2

Changing Transcation Category to Transfer

Hi Edward,

 

My apologies for the delay in replying, it's been one of those weeks so far!

 

So the transactions have been imported directly from the bank (santander) they are transfers from my personal account into a personal joint account. I just want to mark them as bank transfers between accounts, otherwise (excuse my ignorance) I suspect it'll look like have I spent the same funds more than once. Unfortunately, I need to include the personal accounts, because on bills paid from the joint account include some split expenses like rent, utilities etc.

 

I use cash basis, simple accounting rules and I have also got some more queries as regards how to account for expenses, other than mileage, covered under the simple accounting rules. But perhaps I'll start a different thread for that.

 

Thanks for your response.

 

Simon.

 

 

ps. I marked the transactions EXCLUDED, because I was unsure what to do.

Highlighted
QuickBooks Team

Changing Transcation Category to Transfer

Hi Simon

 

Thanks for the screenshot. If you select business it will set a category however you can then click on the blue writing under the category column and then you will then see a drop down box and transfer is an option.

If you select personal as it is not part of your Self Assessment you can not select a category it will default to personal spending

 

I hope this helps

 

Any questions about this or any other sections feel free to reply  to ask here you do not have to start a new thread

 

Thanks

Emma

View solution in original post

Highlighted
Level 2

Changing Transcation Category to Transfer

Much obliged, exactly what I needed to do.

 

Thanks.

Highlighted
Level 1

Changing Transcation Category to Transfer

Hi,

 

I'm new to QBO, and I notice our organisation has previously categorised transfers between bank accounts as Expenditure in the paying bank and Income in the receiving bank. I have checked the Category list, and there is not one showing as "Transfer". Should I "Add New" and set up a Category for this? If so, will the system know not to continue to categorise it as income or expense? Also, can I go back and re-categorise all earlier transactions of this type as "Transfers", as both Income and Expenditure are being over-stated at the moment, due to this?

Thanks,

 

Tony

 

Highlighted
QuickBooks Team

Changing Transcation Category to Transfer

Hello Tony

 

If you go to banking>click on the line of the transaction>on the left hand side (not the right as it also shows there) hit the add toggle it will then give you the option for sales receipt/deposit or transfer if it is money in and expense>transfer if it is money out. It will ask you to select transfer account. Then add.

 

If you do this on the transaction out and in it will accurately record the transaction on both sides.

 

There isn't a way to bulk change transaction type from income/expense to transfer. The transfer is a transaction type rather than a category.

 

You can if they're in the reviewed section in banking batch undo however you would then have to allocate them to the transfer transaction type as above.

 

 

Emma