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jessica-sturm
Level 2

Bank Transfer between Accounts

Hello All. 

I am new to using Quickbooks online and have starting Reconciling my books. I have a total of 3 accounts that i use, checking, savings, and a paypal account. I also will transfer payments to a personal account for one of my contractors and  I transfer between all 3.  I am a little confused on how to properly account for the transfers. For example I transfer $300 from savings to the checking when i am adding from my register am i add, match, or transfer? 

 

It seems when i Transfer it throws off the banking and savings reconcile. I know this is probably a stupid question but i want to make sure i am doing everything correctly.

 

i hope i explained myself clearly. I hope you all can help. Thank You!

Solved
Best answer January 03, 2020

Best Answers
MaryLurleenM
Moderator

Bank Transfer between Accounts

You can use the transfer funds feature, jessica-sturm.

 

This is the easiest method to transfer money between accounts. Here's how:

  1. Click the Plus button.
  2. Under Other, select Transfer.
  3. From the Transfer Funds From drop down list, select the bank account that the funds are coming out of.
  4. From the Transfer Funds To drop down list, select the bank account the funds are being deposited into.
  5. In the Transfer Amount field, enter the amount being transferred.
  6. Edit the Date.
  7. Select Save and close or Save and new.

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

  • Check
  • Imported Bank Transaction
  • Journal Entry

If you need anything else, don't hesitate to leave a reply.

View solution in original post

20 Comments
MaryLurleenM
Moderator

Bank Transfer between Accounts

You can use the transfer funds feature, jessica-sturm.

 

This is the easiest method to transfer money between accounts. Here's how:

  1. Click the Plus button.
  2. Under Other, select Transfer.
  3. From the Transfer Funds From drop down list, select the bank account that the funds are coming out of.
  4. From the Transfer Funds To drop down list, select the bank account the funds are being deposited into.
  5. In the Transfer Amount field, enter the amount being transferred.
  6. Edit the Date.
  7. Select Save and close or Save and new.

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

  • Check
  • Imported Bank Transaction
  • Journal Entry

If you need anything else, don't hesitate to leave a reply.

View solution in original post

tim-root
Level 1

Bank Transfer between Accounts

I am having a very peculiar problem with the Imported Bank Transaction type when it comes to a simple transfer from Business Checking to Business Savings.  Maybe you can share a thought.  

 

I have a simple $100 transfer every month from Business Checking to Business Savings.  It has been in place for 8 years.  I am reconciling the Savings Account for 2019.  I ran the reconciliation for April and all was fine.  I mean, it's 2 whole line items, the recurring transfer and interest from the bank.  There's nothing to it.  BUT, the May reconciliation failed.  It was off by exactly $100, the automatic recurring transfer.  (for reference I have my bank integrated to my QB Online and this transfer comes from the bank feed) 

 

I cannot discern a difference between the April line items and the May line items.  They appear exactly identical.  I don't know why but there are 3 transactions for each month.  None of these have been manually created by me.  One is the interest from the bank.  It records as type Deposit.  Simple.  One is the Type "Transfer" it shows the $100 from Business Checking to Business Savings.  Again, simple.  But, there's a 3rd transaction. 

 

I am looking at the Register for Business Savings.  The 3rd transaction is type "Expense".  It is $100, on the same date (first of the month) as the Transfer transaction.  There are 2 differences between the "Expense" transaction and the "Transfer" transaction.  The differences are . . . 1) in the check mark column which "Indicates whether a transaction was added or matched in the account's bank feed", for the Transfer  transaction there's a little green icon which says, "Manually added from bank feeds".  For the Expense transaction there is nothing.  2) The balance of the Business Savings is different because each time it incremented by $100.  That's IT!!!

 

What is especially troubling for me is that, the account had identical transactions the month prior.  The 3 line items (Transfer from Checking to Savings, Expense assigned to Business Checking, and the interest Deposit).  But the April transaction reconciled and the May don't because they are off by $100. Arrrrgh!!!!

 

What is going on?  Any thoughts?

millie11
Level 1

Bank Transfer between Accounts

 
jenmarie
Level 1

Bank Transfer between Accounts

I'm having the same issue with some of the transfers from checking account to CC account.  The amount shows up as being deducted from the checking account but doesn't show up as a transfer payment to the credit card account??  this only happens now and again, but is certainly frustrating.  Have you been able to find out a solution?

 

Thanks.

jenmarie
Level 1

Bank Transfer between Accounts

I'm having the same issue.  Did you ever figure out a solution the problem?   Thanks

MirriamM
Moderator

Bank Transfer between Accounts

Hi there, @jenmarie. Thanks for joining the thread.

 

I'm here to lend a hand about your bank transfer concern. 

 

If you mean to say that the payment transfer for the credit card is not showing up in your QuickBooks Online (QBO) register, then I recommend checking the checking account register and verify what's the account selected when doing a transfer. Make sure it accounts to the correct credit card account. 

 

However, if you mean that the payment transfer for the credit card is not showing up on your credit card bank statement, then I recommend contacting the financial institution as to why it's not yet posting. 

 

For more information about transferring funds, here's a great resource that you can visit:

Get back to me here if you have further questions about the information above. I'd be more than happy to answer it for you. Have a nice day. 

Pesciolino8
Level 2

Bank Transfer between Accounts

I am having this issue to after using the Transfer feature successfully for years. The transfer shows up in the "from" account but does not show up in the "to" account or vice versa. This seems to affect only one bank account. Unfortunately, it is my main checking account. I have checked the entered date and accounts to be sure everything is directed to the correct account but the funds don't show up! Please help!

MaryAnn_E
QuickBooks Team

Bank Transfer between Accounts

Hi there, @Pesciolino8.

 

Let's find out why the money isn't transferred to another account,

 

I'll be glad to know how you made the bank transfer in QuickBooks Online (QBO). Meanwhile, there are four ways to record a bank transfer in QBO:

  • Transfer
  • Check
  • Imported Bank Transaction
  • Journal Entry

If you're using one of these methods, the transaction will show up to the other account on your register.

 

You can run the Transaction Detail by Account report to show the bank transfer using the Transfer feature in QuickBooks. It will tell you how the process affects your bank account.

 

I've added this article for additional resources: Learn how to record a funds transfer between two accounts.

 

You can also clear the browser's cache and cookies to isolate this behavior. It could be a browser-related issue. You'll want to refresh website preferences that might not allow you to see the transaction to the other account when you use QuickBooks.

 

I'll keep this post while waiting for your response. Thank you and stay safe!

 

Pesciolino8
Level 2

Bank Transfer between Accounts

I am not using QuickBooks online. I use the QuickBooks Pro 2020 desktop version. I use the transfer window under banking. I have been doing it for years and years and have never had this problem. What happens is it shows up in the register from which it was deducted but it does not show up in the register into which it was transferred. If I run a transfer report from the report center, 

it does show up there. The same thing happens in the opposite direction when using that same register that doesn’t show the transfer. Therefore I think it has to do with that one account within the company. Unfortunately it is my main checking account!

Pesciolino8
Level 2

Bank Transfer between Accounts

I do not use QuickBooks online. I use QuickBooks Pro 2020 desktop version. I use the transfer window under banking. I have been using this same function for years and years and years and never had this problem. What happens is it shows up coming out of one register but it doesn’t show up going into the intended register. I am double check dates to make sure it is 2020 as I’m working on last year’s deposits and transfers making sure it does not say 2021. I’ve also double checked to be sure I’m transferring between  the correct accounts. If I run a transfer report from the report center it does show up there. But I need it to show up in the register so that it will show up in a P & L

 

The same problem in reverse happens with the same register. Or example when I transfer out of that account using the transfer window, I go back to the register and it does not show up there but it does show up in the register for the account which I transfer the money to. Very strange

Pesciolino8
Level 2

Bank Transfer between Accounts

Also, it’s not a browser issue.  I worked on a computer at home with a fresh back up from this morning that I had run at my office. I later checked my office version by running a test transfer and had the same problem. 

Angelyn_T
QuickBooks Team

Bank Transfer between Accounts

Hi there, @Pesciolino8.

 

Thank you for getting back and sharing additional details about the issue when recording bank transfer. I can help you with posting the amounts to your register correctly.

 

If this account is not connected to online banking, you can isolate the issue by creating a new account from the Chart of Accounts. Then, open the account in question and update the account name the same as the new one. This way, you can merge the two accounts with the existing transactions.

 

Here's how:

 

  1. From the Chart of Account, click on the drop-down arrow under Account, then select New.
  2. Choose Bank, then Continue.
  3. Enter the new account's details, then click on Save and Close.

 

Once routed to the Chart of Accounts window, follow these steps to merge the accounts:

 

  1. Locate your main checking account, then right-click and select EditAccount.
  2. Rename the account (the same as the new one).
  3. Tap on Save and Close, then click Yes to confirm the action.

From there, redo the bank transfer transactions using the updated account.

 

 

On the other hand, if this account is connected to online banking, I suggest connecting with our Support Team. This way, a representative can check this behavior securely and review your account's register.

 

For more tips about managing accounts in QuickBooks Desktop, I recommend checking out these links: 

 

 

If you need additional help with your checking account, please let me know by adding a comment below. I'm always here to help. Have a good day!

Pesciolino8
Level 2

Bank Transfer between Accounts

Interesting... I’d thought of trying something like that. I’ll give it a whirl in the Am. Thank you!

Pesciolino8
Level 2

Bank Transfer between Accounts

MaryAnn_E:

 

This worked like a charm. The transfers even showed up automatically in the "new" account with no need to reenter them.  THANK YOU SO MUCH!

Pesciolino8
Level 2

Bank Transfer between Accounts

MaryAnn_E:

 

This worked like a charm. I didn't even have to reenter the transfers as theY showed up automatically in the "new" account. THANK YOU SO MUCH!

SashaMC
Moderator

Bank Transfer between Accounts

Hey Pesciolino8,

I am so happy that everything worked out for you! Please do not hesitate to reach out to us anytime you need help. This is why we are here! I hope you enjoy the rest of your day!

daphne-missjessi
Level 1

Bank Transfer between Accounts

How do you record a bank transfer when there is purposely one bank account listed in QB chart of accounts?

Tori B
QuickBooks Team

Bank Transfer between Accounts

Good afternoon, @daphne-missjessi.

 

Thanks for following the thread. I hope you're enjoying your Friday so far. I'm happy to lend a hand with your bank transfer. 

 

In QuickBooks Desktop, you can transfer funds between accounts as easily as 1, 2, 3. I've included some steps below to do this. 

 

  1. From the Banking menu, click on Transfer Funds
  2. In the Transfer funds from dropdown, choose which account you wish to move the funds from. 
  3. From the Transfer funds to dropdown, pick the account you need to move the funds to. 
  4. Enter the Amount and Date
  5. Hit Save and Close

That should do it! Should you have other questions about transferring funds in QuickBooks Desktop, please let me know how I can help. Take care and feel free to reach out to the Community at any time! 

 

mking22
Level 1

Bank Transfer between Accounts

I have a unique problem.  I have a transfer that left one account on 10/31, but didn't post on the other account until 11/2.  Is there a way to record a transfer with two different dates so that I am able to reconcile each account for the different months?  Any recommendations on how to solve this issue?

JenoP
QuickBooks Team

Bank Transfer between Accounts

Hi there, mking22.

 

You can only use one date when recording a bank transfer in QuickBooks Desktop. You might need to create a journal entry in the other account that represents the transfer. Then, use the journal entry when reconciling the account. 

 

Here's how to create a journal entry:

 

  1. Go to the Company menu and click Make General Journal Entries.
  2. Fill out the fields to create your journal entry. You may also need to reach out to your accountant to make sure you're using the right accounts.
  3. Click Save or Save & Close.

 

Let me also share these articles for more info and additional guidance as well:

 

 

Don't hesitate to reach out to us again if you need anything else. We're always here to help. 

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