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Transfer funds between accounts

by Intuit Updated 2 weeks ago

Learn how to record a transfer between two accounts in QuickBooks Online.

When you move money from one account to another, you'll need to record the transaction as a transfer in QuickBooks. To keep your books in good shape, you should enter the transfer as a single transaction that affects both accounts. We’ll show you how to record transfers and best practices to avoid mistakes.

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You can transfer funds between two accounts using any of the following methods:

Record a new transfer

If you haven’t imported the transaction from your bank yet, here’s how to record a money transfer directly in QuickBooks:

  1. Select + New.
  2. Select Transfer.
  3. From the Transfer Funds From dropdown list, select the bank account that the money is coming from.
  4. From the Transfer Funds To dropdown list, select the bank account that the money is going to.
  5. In the Transfer Amount field, enter the amount being transferred.
  6. Edit the Date field.
  7. Enter a description of the transfer in the Memo field (optional).
  8. Select Save and close or Save and new to complete the transfer.
  9. Select Yes if you double checked the date.

You can find the recorded transfer by checking each account register in the chart of accounts.

Record a transfer by cheque

If you used a physical cheque to transfer funds, here's how to record the transfer and the cheque number:

  1. Select + New.
  2. Select Cheque.
  3. Enter the cheque as you normally would, including the cheque number.
  4. From the Bank Account field, select the account the funds are coming out of.
  5. From the Category column, select the account the funds are going into.
  6. Select Save and new or Save and close to record the cheque.

Match a transfer in your imported bank transactions

Once you've downloaded transactions from both accounts, you can categorise and match the transfer. First, record the transaction as a transfer from one account:

  1. Go to Transactions and select Bank transactions (Take me there).
  2. Select the bank account that the funds are coming from.
  3. Find and select the transaction to open it.
  4. Select Record as transfer, then, from the Transferred to dropdown, select the account where you transferred the funds.
  5. Select Add.

Then, match the transaction from the other account:

  1. Select the bank account where the funds are going.
  2. Select the For review tab. Then, select the Recognised filter from the dropdown.
  3. Find the transaction. From the Action column, select Match so the transaction is matched in both accounts.
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