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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
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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

6 Comments
Highlighted
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

Highlighted
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?

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Level 1

Bank Transfer between Accounts

 
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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.

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Level 1

Bank Transfer between Accounts

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

Highlighted
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. 

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