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office-biggreatl
Level 1

After I transfer funds from my savings account to my checking account (both linked to QB online), how can I allocate those funds to a specific expense account?

Every month I transfer $1000 from savings to checking to cover tuition scholarships. I know how to record the transfer of the money from SAV to CHK but then how to I add the amount transferred as income in my scholarships account?
2 Comments 2
Charies_M
Moderator

After I transfer funds from my savings account to my checking account (both linked to QB online), how can I allocate those funds to a specific expense account?

Good day, office-biggreatl.

 

The Transfer Funds option is used to move amounts from one bank to another. You can't transfer funds to an income account since it only allows you to use bank accounts.

 

Instead, you can write a check and select the income account from where you want the funds to be transferred.

 

Here's how:

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

 

Another option would be to create a Journal Entry. However, you'll want to reach an accounting professional to help you choose the correct accounts to use.

 

Here's how:

 

  1. Click + New icon.
  2. Select Journal entry.
  3. On the first line, choose the liability account you created from the Account drop-down. Enter the loan amount in the Credit column.
  4. On the second line, select your bank account from the Account drop-down. Enter the same loan amount in the Debit column.
  5. Click Save and close.

 

In case you want to review the entries made, you can pull up or print a report for Journal Entries.

 

Get back to me if there's anything I can help you with transferring funds. I'm always here to assist you further. Enjoy the rest of the day.

Charies_M
Moderator

After I transfer funds from my savings account to my checking account (both linked to QB online), how can I allocate those funds to a specific expense account?

Hi, office-biggreatl.


Hope you’re doing great. I wanted to see how everything is going about transferring funds. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at any time.


Looking forward to your reply. Have a pleasant day ahead!

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