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Community Contributor **

How to record a bank transfer between company accounts?

Hello,

Any help with this would be greatly appreciated.

 

I've made a transfer from one company account to another. Both bank accounts are linked to Quickbooks. How do I add the transaction listed in both bank accounts into Quickbooks so it's recorded in the right way? Obviously it's not a sale or a purchase. Do I just create a new category? What 'Account Type' should I use for this category? It's not strictly an income as I've just moved our own money around. It would take me ages to figure out this myself so hopefully you can fastrack me with an answer...

Solved
Best answer 04-30-2018

Accepted Solutions
Anonymous
Not applicable

Re: How to record a bank transfer between company accounts?

Hey JPollard,

 

I can certainly help you here.

 

You can record this transaction as a Transfer between the two accounts and match this to the online banking feed.

 

You can do this via one of two ways.

 

The first method would be to click on the Create (+) menu and select Transfer from the Other column. This would allow you to select the bank account the funds are moved from and the receiving account. Once saved, you would be able to match this transaction to the transaction you see in For Review.

 

The second method would be to click into the transaction in For Review to expand it for the account the money is taken from and click on the transaction category under the Add radio button to select Transfer. This will then allow you to chose the corresponding bank account to transfer the funds to.

 

Once you add this transaction on the first account, you will see the corresponding transaction line on the receiving bank account showing as a Match. Click Match to accept  the transfer into QuickBooks Online.

 

Your account balances should now match your banking accounts.

 

Let me know if you need anything further

11 REPLIES 11
Anonymous
Not applicable

Re: How to record a bank transfer between company accounts?

Hey JPollard,

 

I can certainly help you here.

 

You can record this transaction as a Transfer between the two accounts and match this to the online banking feed.

 

You can do this via one of two ways.

 

The first method would be to click on the Create (+) menu and select Transfer from the Other column. This would allow you to select the bank account the funds are moved from and the receiving account. Once saved, you would be able to match this transaction to the transaction you see in For Review.

 

The second method would be to click into the transaction in For Review to expand it for the account the money is taken from and click on the transaction category under the Add radio button to select Transfer. This will then allow you to chose the corresponding bank account to transfer the funds to.

 

Once you add this transaction on the first account, you will see the corresponding transaction line on the receiving bank account showing as a Match. Click Match to accept  the transfer into QuickBooks Online.

 

Your account balances should now match your banking accounts.

 

Let me know if you need anything further

Community Contributor **

Re: How to record a bank transfer between company accounts?

Thank you so much!

Not applicable

Re: How to record a bank transfer between company accounts?

Hi- I wanted to ask exactly what menu you are under. I am having trouble following your two methods to solve this issue just because I am probably not in the correct window. Is it in reconciliation or register? 

 

Thanks!

QuickBooks Team

Re: How to record a bank transfer between company accounts?

Hi madelineclancy,

 

Thank you for contacting the Community.

 

For the first option listed above this is on any screen within QuickBooks Online. The Create (+) button is in the top right hand corner next to the magnifying glass. From the you can select Transfer from the Other column.

 

For the second option this is on the For Review column located via the Banking tab on the left hand side of QuickBooks Online.

 

Thank you, Carly. :)

Intuit

Re: How to record a bank transfer between company accounts?

Hi, @JPollard!

 

I hope you're well and the sun is shining wherever you are! :)

 

The Community is much more than product help. It's also a place to seek guidance, gain inspiration and make connections... This all happens over on the Business Discussion boards too! Whether you're self-employed, own a small business or you're eager to learn something new, the Business Discussions offer a great opportunity! Have a browse of our additional pages using the links below and come over and comment. I would love to hear more about what you do!


QB Community Home          Talk About Your Business 

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Frequent Contributor *

Re: How to record a bank transfer between company accounts?

This is great if the two company's bank accounts are linked.  However, I have a situation where I setup a personal company and another overall business company with subsidiaries companies for my client.  He often transfer funds between personal and business (owner contributions, etc).  How do I record those transfers on the personal account side, especially when he reimburses himself personally?  It is obviously not income.  Thanks!

QuickBooks Team

Re: How to record a bank transfer between company accounts?

Hey there, ccc1.


Thanks for reaching out to the Community space. I’d be delighted to help in recording the transferred funds from different accounts.


In cases like this, you’ll have to create a bank account for each company to properly track the transferred funds. To do this, follow these steps:

 

  1. Go to Accounting on the left menu, then click on New.
  2. Select Cash at bank and in hand under Category Type.
  3.  Under Detail Type, select the type of bank account.
  4.  Enter the opening balance under the Balance field.
  5. Click on Save and Close.

Once done, I suggest following the steps provided by @Anonymous to input the transferred funds coming from the personal account and other companies as well.

 

Should you have any questions or need anything else, reach out back to me.  I'll be around to assist you further. Wishing you the best.

 

Frequent Contributor *

Re: How to record a bank transfer between company accounts?

Thank you Rasa-LilaM. However, the accounts have been set up for several years.  The personal and business are set up as two separate companies.  When he transfers from personal to business, I post to Owner's Contribution, but when he transfers in reverse - that is my question.  I am calling this a transfer because it is all in one bank and the bank allows the transfer, but in QB it is a withdrawal and a deposit because the two company's are separate entities.  I am asking what the best personal account for the return of his owner's contribution would be because I cannot hit an income account.

Thanks!

QuickBooks Team

Re: How to record a bank transfer between company accounts?

hey ccc1,

 

Formally, we would recommend checking the setup and usage with an accountant as they would be able to confirm if the account has been set up and integrated correctly. While we as agents are able to advise on the product itself, as we are not trained accountants we wouldn't be able to advise on the setup of Accounts, Nominal codes or how these would affect the totals or reports on the account.

 

Within Quickbooks, you'd use the Expense Function to show this leaving the business, i just can't tell you what account you'd put within the expense.

 

Thanks,

 

Not applicable

Re: How to record a bank transfer between company accounts?

Hello,

 

@Anonymous Your instructions were very clear but I wonder if it is different for QB Desktop Pro 2019.  I downloaded the banking transactions using WebConnect.  The transfer between accounts showed up as "CHK" under Type on the Register.  So, I followed your steps to create a transfer but the downloaded transactions did not show up as a match.  Now I have duplicate records for the same amount.  I must have done something wrong.  Any suggestions?

 

Maybe there is a way to change "Type" from CHK to Transfer?

 

Thank you.

 

 

QuickBooks Team

Re: How to record a bank transfer between company accounts?

Hello

 

The answer was based on the QuickBooks Online which has an automatic banking connection. If you are using web connect ans it is showing as CHK you should have an option in the register for transfer funds which you can use instead.If it is automatically showing as CHK under both banks if you change to transfer of funds in one it should then pull through the match in the other

 

Any questions let us know