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garywithall
Level 1

How can I record these transactions as a Transfer ?

Hi community - a request for help. 

I have added an Affirm account to my QBO. This account shows the balance I owe for equipment.   I pay monthly from another bank account account which is also in QBO. 

I wish to Record as a Transfer between the two accounts but I am not given the option to do so.    Am I handling this correctly? 

eg Payment bank  $100  debit 
eg Affirm account  $100 credit             

Is this the way to do it?    Suggestions welcome. 

kind regards

Gary
1 Comment 1
mazar
Level 3

How can I record these transactions as a Transfer ?

Hello,

 

It depends on how you set up the Affirm account.

 

If the Affirm account is a liability account then you can use a journal entry as follows:

 

Payment Bank Account: Credit

Affirm Liability Account: Debit

 

Also, you can click the + sign in upper left corner and record an actual "Transfer" from the payment bank account to the Affirm account (provided it's a liability account). This will decrease the balance in the bank account and decrease the balance (owed) in the Affirm account.

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