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Intuit

Transfer funds between accounts

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. We’ll show you options for how to record transfers and best practices to avoid mistakes.

Learn more about transfers

When recording a money transfer between two accounts in QuickBooks, accidental duplication of the transaction is a common mistake.

If both accounts appear in your Chart of Accounts (they usually do), you must enter the transfer as one transaction that affects both accounts, rather than entering a check in one account and a deposit in the other.

You can create a transfer between two accounts using any of the following:

  • Transfer
  • Check
  • Matching imported bank transactions
  • Journal Entry (Check with your accountant before making a journal entry)

Record a new transfer

If you haven’t imported the transaction from your bank yet, the easiest way to record a transfer of funds is to use Transfer in QuickBooks. Here’s how to record a money transfer:

  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.

You can find the recorded transfer by opening each account register in the Chart of Accounts.

Record a transfer using Check

If you used a physical check to transfer funds, you can record the transfer and the check number using the Check window.

  1. Select + New.
  2. Select Check.
  3. Enter the check as you normally would, including the check 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 check.

Match a transfer in your imported bank transactions

If you have imported transactions in your banking feed for both accounts that aren't entered as a Transfer in Quickbooks, you can record it as a transfer from one account. Then you can match the transaction from the other account. Here’s how to use Match in your banking feed:

  1. Select Banking.
  2. Select the bank account that the transaction is coming from.
  3. Find and select the transaction to open it.
  4. Select the Record as transfer radio button. Then, from the Transfer account dropdown, select the account the money was transferred to.
  5. Select Record transfer.
  6. Select the bank account to which you transferred the transaction.
  7. Select the For Review tab. Then select the Recognized filter from the dropdown.
  8. Find the transaction. From the Action column, select Match so the transaction is matched in both accounts.

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