Move money from one bank acct to another

Thanks for checking in with us, sally412.

Yes, we can create a clearing account and easily put the funds from one bank to another. This allows you to transfer the money if you’re unable to directly move it.

To add the clearing account:

1. Go to the Lists menu at the top to select Chart of Accounts.
2. Click the Account drop-down located at the bottom of the page and choose New.
3. In the Add New Account window, tick the radio button for Bank and hit Continue.
4. Type enter Clearing Account, Barter Account, or Wash Account in the Account Name field
5. Make sure not to enter an opening balance.
6. Press Save & Close.

The following information provides an overview of why we'll have to create a bank account.

• You can pay into a bank account via Receive Payments or Make Deposits.
• You can pay off a bank account via Write Checks or Pay Bills.
• A bank account appears on the balance sheet and the statement of cash flows to balances and changes in balances.
• To allocate expenses to overhead or class using a zero check, you must use a bank account as your Clearing account.

Next, you can start using the newly created account. Follow the recommended steps in this article and go directly to the To use a clearing account section: Set up a clearing account. To transfer the funds, just follow the steps below: 

1. Go to the Banking menu and then select Transfer Funds.
2. Enter the account you want to transfer the funds from.
3. Select the account you want to transfer the funds to.
4. Enter the desired amount.
5. Click Save & Close button.

If you need to transfer available credits from one vendor to another through the use of a temporary clearing account, check out this article: Transfer and apply for credit from one vendor to another in QuickBooks Desktop.

Feel free to visit this page to help accomplish your future tasks in QuickBooks. It also includes resources on how to handle banking processes: Self-help articles.

I want to make sure I've got you covered. You can click the Reply button below for follow-up questions and clarifications about recording bank transfers. I'll be in touch.